EURUSD started its bullish momentum after the down turn. Market is making higher highs and higher lows with breaking previous highs. Right now, market has broken the resistance and is retesting it. Once market forms the bullish price action, market will keep on moving up.

The bearish pennant is being formed with the resitsance and support trendlines being formed. We will have to wait for the market to break either of the side. Once broken out, we will wait for the retracement.

There is no retracement currently on this setup.

The EMA 50 is being retested at the candle. We anticipate the market breaking out of the EMA 50, which will confirm the bullish momentum.

RSI is at 66 which is the bullish region. We need to tap back to the 50 level in order to make multiple factors for the bullish momentum.

EURUSD bullish run

Oct 04 2022