EURUSD- Potential Bullish continuation?!

FX:EURUSD   Euro / U.S. Dollar
Technical Analysis
- EURUSD has been in a uptrend since 25th may 2020 and has shown strong bullish momentum ever since.
- There has been loads of confluences shown in the higher time frames which indicates that we should be looking for buy this pair.
- 50 and 200 EMA added confluence to go long as it shows bullish trend on the higher timeframes.
- On the 4 hour we can see an ascending triangle which is another confluence for me to buy and a good opportunity for me to enter on the reversal of the resistance turned support of the triangle.

Fundamental Analysis
-The fundamental news for the this week shows loads of high impact news on the US Dollar 10 high impact news releases for the week.
-These impact news include news : retail sales, crude oil inventories, fed interest rate, FOMC press conference and many more...
I would be wary trading around these news releases as impact news can have a major impact on the EURUSD pair such as price spikes, sudden change of trend.

Sentimental Analysis
- According to COT Data, there has been a large amount of orders as 62% of short positions have been placed on the US Dollar in the past week by commercials (banks).
- This could show that there could be a potential reversal in prices to the downside to catch out the retail traders who are long on this pair.

Please make sure to follow, like and comment your ideas/opinions on the EURUSD!

Trade closed: target reached


Detailed trading idea.
+1 Reply
LDForex_ forexboat
@forexboat, Thank you!
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