EURUSD took us out, but is still at a weekly support!
Vasl Capital
EURUSD·
Mar 02 2022
Stop Loss -0.57%
Holding time 15hr
1.11030
Entry price
1.10400
Stop loss price
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 continuation of the EURUSD trend.
Market tapped the support level at 1.1060, which is a high strength support area on the weeky/daily. 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.
Currently, there is no fibonacci retracement indication on EURUSD.
Both the EMA’s are bearish and have broken out for sells. The death cross is also bearish. Now, at the support level, we anticipate the move up to retest the EMA. This retest would be our profit target.
Both the oscillators are in a bearish region, heading back towards the neutralized levels after tapping the over sold region. RSI and CCI have both formed bullish divergences from the same are of the price action. This situation is on the oscillators is rare and once formed, it has a strong strength to move up.
CONCLUSION: BULLISH
Even after being chopped with our losses, we will continue to hold our ground on the bullish side of EURUSD.