Hi Traders,
The higher time frames indicate we are in a short term Uptrend. Price found Support at 1.31583(Yellow) level. If price breaks and close above 1.31789(Green) level, we can enter in a long position for a possible target at 1.31971(Red) with a stoploss maintained below 50SMA. At the time of this trade setup price has to be above the 50SMA.
For queries...
We've hit a remarkable low on EURUSD and I expect this to be backed by a retracement of 50% to 61.8%
The entry is long but the trade bias remains short as the Downtrend is not completed yet.
All the best
Check out my previous EURUSD Analysis