The price of EURUSD has been considerably bearish with more lower highs and lower lows formed and slight consolidatory phases.
However, following last month bullish reversal candle formation close (Morning Star) . It is time to switch the frames in which we look at this pair from. It is time to consider bullish opportunities on this pair that only if It holds above this level (highlighted in blue).
I have drawn a downward channel formation and will be taking any breakouts to the upside serious.
In theory it should be going up.. The daily closed above the previous rejected zone of 1.10600-1.10700 which was the previous swing low. So rejection of this level on the daily plus closing above it should in theory start making it head up back to the 1.12000 level
EmmanuelDuru
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@cjhmarine, yes definitely. It is best to buy at very good support or wait for full bullish confirmation bias.