Potential LONG opportunity EURUSD

FX:EURUSD   Euro / U.S. Dollar
On the daily timeframe there is a bullish engulfing candle for yesterdays price action.

Since mid- April this pair has been in a bullish uptrend establishing higher highs and higher lows.

Price has already made a higher low, which is the second touch of the bullish trendline at ~1.0820. Therefore it is likely for the pair to create a new higher high, HOWEVER, price is capped by the resistance from the overall bearish trendline which starts from where price was in mid- December 2014.

If price does break the current zone of resistance, then highs of 1.1450 can be expected (previous high from May)/ the psychological round number resistance of 1.15000.

On the 4 hour chart, the moving averages look like they are to cross over to the upside.

To enter LONG, it will be better to wait for price to break current resistance.

On the other hand, another option could be to wait for a potential retracement (H4) as shown by the arrows, before entering long.

If price does break the 38.2% fib, it may warrant a short move targeting the 76.4% fib, which is confluent with previous support & resistance , as well as being a third touch of the bullish trendline .

Keep us posted! Nice analysis.
SMHuss3 timwest
Thank you!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out