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 1.0550, and has also formed a double bottom.

The descending trendline need to be broken out yet, as its hovering above the current price action. Once broken out, market will have a bullish confirmation of the pair.

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

EMA 50 is still bearish and is above the current market prices. It needs to be tapped at the resistance level, or can be held as a long position target. 

RSI is at 39. 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.

EURUSD bottomed out?

Feb 27 2023