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.

The retracement level of 61.8% is at the confluence with the support level. This support level will hold and will push the market upwards.

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 43, which is the bearish region and the market has the potential to fall towards the over sold region. This region exists at 25 level and can form a bullish divergence to continue moving upwards.

EURUSD short term buys

Oct 07 2022