EURUSD had been in a strong bearish pressure, until recently, it started to range at a premium level, and has the chance for the market to break the range towards the upper side. Market has formed higher highs and higher lows and was unable to breakt the previous low. The current support is at 0.9960 which is a strong support level for the market to continue moving up. 

The descneding trendline has been broken out for buys and the market has already validated and continued its journey upwards as a tip. The retracement is a part of a breakout strategy and market is right now retracing. 

The retracement level is in confluence with the support level and the 75-78.6% retracement level. This level of confluence will play out for the bullish momentum.

EMA 50 is bearish right now after turning bullish. Market being at support has the potential for the market to tap the EMA 50 as the potential profit target. 

RSI 45 is at the level of bearish region below the 50. This region needs to be in the over sold region where we can see a potential bullish divergence in order for the market to pave upwards.

Bullish pressure building on EURUSD

Sep 15 2022