EURUSD had started its rise from the unpegged price of 1:1, and is now standing at a 1.0500 level. This level is a support level which needs to push up in order for the market to continue moving up towards the resistance level. Market has already formed a higher high and higher low and has the potential to continue moving up.

Although the ascending trendline has broken out for sells, it has yet to break the bullish structure, turning into a bearish one. Once that is sorted, only then we can look around for a sell. Till then, we are sticking to our plan for the buys.

Retracement level os 61.8% has formed a fresh and new support level which will dive the market up as the freshly formed retracement.

The EMA 50 is still bullish and the prices are above the EMA 50 at this current point in time. The EMA 50 is steap upwards which means, the bullish pressure is still strong.

RSI is at 65. It just needs to neutralize at the level of 50 and then carry on moving towards the over bough region.

Reminder on EURUSD

Dec 08 2022