EURUSD is ranging right now after a mark down from its previous high. Market is managing to go bullish with the support level held. It is yet to form a higher high and higher low which would introduce a bullish trend on the pair. Market has to drop towards the stop hunt level from where it can push up massively. 

The market is at the premium support level, priced at 1.0580, and has also formed a double bottom. Problem is, we are not seeing any strong bullish confirmation as of yet. 

The descending trendline has broken out for buys and has been validated by the H4 price action. The support trendline has the potential to retest at the support level from where it can continue pushing up.

On the other hand, we have the evidence of the support trendline testing the price action at the bottom and we may see a rejection of the prices.

The retracement level of 75 is in confluence with the support area from where market can level up.

EMA 50 is still bearish. If market breaks out from the EMA 50, we have a confirmation on the buying side. Once the EMA 50 turns bullish above the resistance level, it will be a sign of a bullish sign and to go up.

RSI is at 35. It needs to fall towards the over sold region and form a bullish divergence from where, it can continue moving up towards the higher side.

Another risk on EURUSD longs

Feb 24 2023