EURUSD is in a bearish trend, but on the H4, it looks steady to push up for a rally run. The market has formed higher highs and higher lows. This structure will intitute the dillema of a bullish potentail impulse, breaking the previous high of the market.

The descending trendline is on the verge of breaking out for the buys. Once broken out, we can have an added confirmation for the buys.

The retracement area of 61.7% has been tapped by the market and the market has technical strength for the move up.

The EMA 50 is still bearish. If we go long on this setup, the EMA 50 retest can act as a profit target.

RSI is at 49, closely knit with the bearish region. Market needs to tap the over sold region to form bullish divergence and then continue movin up, to retest the EMA 50 where we can take up the profits.

We will be holding the previous position and adding the further long positions on EURUSD. If the support is broken, we will take the loss and get out of the market.

EURUSD at premium levels for buys

Oct 17 2022