EURUSD being in a bearish trend has now tapped the support and broken the previous high. This previous high is being tested once again where we will take our long positions. In order to confirm the further bullish trend, we need to make sure market has started to form higher highs and higher lows, which at the moment, are not formed. 

The descending trendline has been broken out for buys and the prices have validated the price action by opening and closing above the trendline. 

We have the retracement confluence at the level of support with the RT level being 61.8%. 

The EMA 50 is still bearish and needs to be retest before further direction is structured. We can set our take profit at the retest of the EMA. 

RSI is at 54. This RSI needs to be neutralized at the level of support where we have formed the support.  This will confluence with the other technical factors. 

EURUSD broke previous high

Sep 29 2022