A long-term look at EUR/USD. Is a Bullish reversal on the cards?
Dear traders, selling EUR/USD at 1.0760 has been very profitable for us. We also managed to
buy EUR/USD at 1.0365 and bagged 240 pips from the bottom. In this idea, we will take a look
at the weekly chart to have a better grasp of the long-term trend of EUR/USD.
Currently, EUR/USD is sitting in a very crucial area. It's a level from where trend reversal happened
back in 2016. Such levels are quite significant in the financial markets.
At present, we have a Doji Candlestick in the weekly chart. Now, usually, when a Doji forms after a
long-term downtrend or uptrend, it signifies a reversal. Since the Doji has appeared at a key level, this makes
it even more important.
In my opinion, there is a very good chance of a reversal and we might see EUR/USD at 1.08 in the next few weeks
provided the bulls are able to defend the 1.04 level.
I would be looking to buy the dips between 1.0380-1.0460 with 1.08 as my TP
buy EUR/USD at 1.0365 and bagged 240 pips from the bottom. In this idea, we will take a look
at the weekly chart to have a better grasp of the long-term trend of EUR/USD.
Currently, EUR/USD is sitting in a very crucial area. It's a level from where trend reversal happened
back in 2016. Such levels are quite significant in the financial markets.
At present, we have a Doji Candlestick in the weekly chart. Now, usually, when a Doji forms after a
long-term downtrend or uptrend, it signifies a reversal. Since the Doji has appeared at a key level, this makes
it even more important.
In my opinion, there is a very good chance of a reversal and we might see EUR/USD at 1.08 in the next few weeks
provided the bulls are able to defend the 1.04 level.
I would be looking to buy the dips between 1.0380-1.0460 with 1.08 as my TP