Let's take a detailed look into EURUSD bullish up move since last week, and what to expect from the current price action moving forward.
We can start off by looking at the HTF overall price action, and properly identify the corrective phase on the HTF could be potentially finished, and the next impulse up move can begin.
Start looking at the LTF price action, there are many reversal price action developments at the bottom to give us clues on the bullish reversal potential.
Once price had the first initial impulse phase on the LTF, we start to see further upside from the price, as they continue to form bullish corrections, followed by bullish impulse and so on.
Now that price has broken above the previous high, around 1.18, no signs of slowing down at the current stage. So what can we expect now from the price ?
Preferably is to see if price has enough momentum to break above the top of the HTF descending structure, and continue to form bullish correction to push to the next highs. Alternatively, if price fails to break out, and there are LTF reversal price action at the top of the structure, then look to secure profit by moving up the SL and observe the price.
Take a look at DXY, we can also see clear USD weakness can happen.
As a good risk management, focusing on the best 1-2 USD pairs to evolve would be ideal.
Any questions, comments or feedback welcome to let me know thank you :)
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Just got tagged out for both positions for total of 7.9% profit.