EUR/USD bullish opportunities
The EUR/USD pair seems to have broken upward from the descent that has been going on for weeks.
Looking at the dollar chart we can see that the price, after reaching the 0.5 retracement level, did not have the strength to break to the upside. The latest news seems to indicate a phase of weakness for the dollar.
Looking at the hourly chart, after the strong upward move, the EUR/USD might retrace before breaking back to the upside. We look for long opportunities by keeping an eye on the 0.786 retracement level, which looking at the volume profile corresponds to a strong area of interest. price might not even reach this level and push upwards, but always better to remain conservative.
Looking at the dollar chart we can see that the price, after reaching the 0.5 retracement level, did not have the strength to break to the upside. The latest news seems to indicate a phase of weakness for the dollar.
Looking at the hourly chart, after the strong upward move, the EUR/USD might retrace before breaking back to the upside. We look for long opportunities by keeping an eye on the 0.786 retracement level, which looking at the volume profile corresponds to a strong area of interest. price might not even reach this level and push upwards, but always better to remain conservative.
Trade active:
As predicted, the price started the retracement. Obviously I don't have a crystal ball if it will go down to the 1.0570 level, but it remains the most important and likely point to restart the bullish momentum. In my view I prefer to miss the entry by a little while remaining conservative, rather than making a lot of entries but taking the SL.