EURUSD has been in a downward spiral. The market was hard to predict in the recent times. Now that things have started to move in a positive tone for the fundamental aspect of Russia Ukraine, we might see a conituation of the EURUSD trend.

Market tapped the support level at 1.1300. This level is a strong demand level. This level needs to be respected and has a strong indication to move the market up. On the higher timeframes, we also see an inverse head and shoulders on the daily timeframe. On higher time frame, we have formed a higher low and a double top. This double top needs to be broken and continue forming a higher high to form a bullish structure. 

Market is a bullish wedge pattern. Both the resistance and support trendlines have been tapped once. The support level has been tapped twice as well. Once the descending trendline tends to be broken out for buys, there will be an added confirmation for the EURUSD to continue its move up. 

As we have drawn the fibonacci retracement level, the golden level stands aligned with the support level. This retracement would be our entry point. 

Both the EMA's are on the verge of being broken out for buys. The death cross is still bullish. Once there is a break out for the EMA's, we might see a correction by a retest, and a possible one at the support level, where retracement level is also in confluence.

Both the oscillators of RSI and CCI are in a bullish region. The market needs to neutralize itself once it tends to reverse. This neutralized levels will act as a confluence with other technical factors on the pair.

We still need to be vary of the political live feed. This can suspend the tecnicals temperorily with wicks on the either side. For now, we are still bullish and would be looking to buy at the drawn support.

Relieved tensions looking towards upward potential

Feb 22 2022

1