EUR/USD: patiently waiting to pull the "BUY" trigger. No rush!
Firstly, by zooming out and monitoring higher-timeframe graphs, we may observe that the sentiment of the EUR/USD market is clearly bullish as the price has managed to push above the level of the previous HTF Higher High point.
Last week, we expected for some correctional moves to kick in and drive the price down in the short run before further bullish resume. However, after consolidating for a while, the USD fundamentals were able to push the price higher and form a new HH point.
The price moves in cycles. In other words, step-by-step and not like a straight rocket. And thus, we are awaiting for the price to experience a short-term drop and reach the important area of support plotted on the graph that lines up with the 0.382 Fibonacci retracement level before we can execute long positions and ride the trend to the upside.
Last week, we expected for some correctional moves to kick in and drive the price down in the short run before further bullish resume. However, after consolidating for a while, the USD fundamentals were able to push the price higher and form a new HH point.
The price moves in cycles. In other words, step-by-step and not like a straight rocket. And thus, we are awaiting for the price to experience a short-term drop and reach the important area of support plotted on the graph that lines up with the 0.382 Fibonacci retracement level before we can execute long positions and ride the trend to the upside.