Wikiwicks

EURUSD double bottom (New daily impulse?)

Long
FX:EURUSD   Euro / U.S. Dollar
#EURUSD:

(1D):
The price is still in a clear and strong uptrend. As we know, impulses are followed by a correction (or consolidation). The overall picture here is showing that we are currently in the consolidation phase. Therefore, we need to wait for a clear signs of the start of the next impulsive move.

(4H):
What's interesting here is a double bottom currently forming. This would be a great confirmation that a new uptrend is about to start. However, this needs to be confirmed by a break and retest. Before that, there's still the chance to revisit 1.205 or even lower for a deeper correction.
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