Having fallen for six consecutive days, bearish momentum on EUR/USD is beginning to fade. Tuesday's low also held above the 1.06 level and 71.6% Fibonacci level whilst RSI (14) and (2) are in oversold levels on the daily chart.
The 4-hour chart shows bullish divergences on the RSIs, so the bias is to seek dips towards 1.06 for a long towards 1.0650 at a minimum....
FX:EURUSD
Risk 2R
Entry @1.0523
TP @ 1.0602
SL @ 1.0490
Trade duration only today. Will be closed at the end of the day don't want any weekend exposure.
EU hit and reversed from the 4hr trendline and the 200EMA, DXY reversed off support turned resistance and the stochastics indicated there was a reversal on EU
Price is clearly in a falling wedge meaning a bullish reversal is imminent, overall. But scaling into price's current movement, I had anticipated a third touch on our resistance trendline, of which price did give us. Not only that... we also got this touch on the 78.6 Fibonacci retracement line, which give us a more stronger bias about our anticipated short...
