Seems like gone are the days when EURUSD used to shine and jump around with major pips around. Market starts to move up, only for the bears to take charge and bring it down. Currently, market is priced at the lowest depth of the pair at the price point of 1.8030. This level holds the strong support and demand level and has the potential to push the market upwards. No solid structure can be determined from the current price action. Based on the anticipation, we are going long at the support level.

The two descending trendlines have been formed. Once market begins to move up, there is a potential for the market to break the trendlines as a breakout buy and continue going up after the retracement.

The golden retracement level at the 75-78.6% is in confluence with the support level, where we are looking to go long. This retracement level also has a time frame confluence of daily and weekly level.

Both the EMA’s are bearish, which just turned a bearish death cross. After the breakout sell of the EMA 50, market was unable to retest the EMA 50 and EMA 200. This unfinished retest needs to be fulfilled by the retest, which to the contrary, means that the market has to move up to retest either of the EMA’s. The retest may also be our profit target for the EURUSD. The retest may happen at the resistance level.

RSI and CCI, both are heading back to the neutralized levels after tapping the over sold region. RSI at 38 and CCI at -112. RSI also has a bullish divergence at the current level we are looking to buy at. CCI on the other hand, has a window to move up towards the neutralized levels which is around 50-60 pips.

Slow EURUSD

Apr 13 2022

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