EURUSD at the price of 1.1035, which is above the support level. The support level formed is at the price of 1.0990. This is the level where we will be looking to go long on the pair. Market is already in a bullish trend with the formation of higher highs and higher lows, which indicate a bullish structure. The market has just broken the resistance which is now turned support.

The ascending trendline has been retested by the price action and apparently, it seems to be rejecting to move further upward.

The retracement level of 61.8% is in confluence with the support level and has the tendency to create another impulse move upwards.

EMA 50 is tapping the price action at the support. This means, it is merely rejecting the price action which can continue moving up and has other confluencing factors attached as well.

RSI is at 66, which is the bullish region. We need to wait for the neutralization level of 50 and align it with support in order for the market to continue up.

Missed the initial push up

Apr 24 2023