EURUSD has been in a bullish trend after forming the higher highs and higher lows. The trend is bullish as the market is right now in the retracement mode and might form another impulse bullish move towards the next resistance. We are taking the long positions at the support level priced at 1.0730, once the market forms a double bottom here.

The descending trendline is the trendline for our area of interest as it is what will induce the breakout buy. Right now, we only have a second pivot point to draw the trendline and it has been expanded for the current market price action. On the other hand, the ascending trendline has been rejected by the price action.

The retracement level of 78% is in confluence with the support level. This confluence will act as a solid confirmation for the bullish impulse.

EMA 50 is also bullish. There is a chance of the EMA 50 being retested at the support level along with the other technical factors which confluence it.

RSI is at 63. It needs to be neutralized at the level of 50 in order to balance the oscillator and the price action.

Still looming for EURUSD longs

Mar 30 2023