EURUSD is in a bullish trend, forming higher highs and higher lows. Market is currently standing at the resistance level and has to dwell down towards the support level from where we can take the bullish position for the market. The price action is scathered at this point of resistance. The price of the longs would be 1.0580.

The descending trendline has broken out for buys and the market has already validated the buying pressure. Right now, being in a ranging market, we will wait for another bullish move after we see a breakout buy on the H1.

The retracement level is not in confluence with the support level. Therefore, we will wait for the wick at the support level before taking the buy position. 

EMA 50 is bullish and we can assess the retest being at the support level which will give us a confluence for the long position.

RSI is at 55. We think, market will fall towards the support level before it starts to move up and fall towards the over sold region. At this point in time, we will wait for the formation of the bullish divergence.

EURUSD buys from support

Mar 07 2023