What do you think of EURUSD at this current scenario? Shorts from resistance? Maybe yes. But we analyze the market in another way. We are assesing the trend is bullish. Therefore, the resistance is vulnerable to breaking out. Even if not completely broken out, the wick fill is pending on the left hand side. In this scenario, we are looking to go long on EURUSD at the minor support which is formed. Before that, the bullish pressure embarked the full bullish candle formation. The price we are looking to go long is at 1.1030. Target being 1.1100.

The resistant descending trendline is tapping the candles. There is a possibility for the market to buff up breaking the resistance.

There is no retracement indication on this pair.

EMA 50 is still bullish and is blanketing the support area. The candles need to retest that. But in this setup, we do not see that happening as we are taking the position from a minor support.

RSI is at 59. This will confluence with the support at the area of support and RSI being neutralized at the level of 50.

Risky trade on EURUSD long

Apr 27 2023