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Uncharted-FX
Feb 23, 2020 7:02 PM

EURUSD Reversal Awaiting First Higher Low Long

Euro Fx/U.S. DollarFXCM

Description

EURUSD has hit the major support zone I outlined in my EURUSD short call a few weeks back.

After a well defined downtrend with multiple lower high swings, price began to exhaust showing a possible reversal of this trend, strengthened by the fact this was happening at a major support zone.

We had a very strong green candle break here. However, I am still awaiting our FIRST higher low here. This will be confirmed with higher highs, or a break above these highs here at 1.0863. Ideally, I would like to see a pullback on the opening before this happens.

The DXY may also be showing signs of a pullback on the Daily:

Comments
transparent-fx
I made a breakdown as well for EU, this is what I have
Uncharted-FX
@transparent-fx, Awesome! Nice engulfing there and the 1.10 zone is def an important psychological number!
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