EURUSD tapped the support level and is continuing moving up. The support level has anchored a bullish price action which will take the market towards the resistance level. The price for this level is 1.0980. The trend is already bullish and the market is forming higher highs and higher lows.

Market is in a bullish wedge pattern, if broken towards the bullish side, it will be validated and continue moving upwards. The breakout buy has been induced and is on the verge of tapping the resistance once again.

The retracement level is at 78.6% which is in confluence with the support level. This gives us a solid go around for the market momentum upwards.

EMA 50 is tapping the price action on the upper side. It may retest and slide towards the support level. From the support level, another bounce up, we will see this EMA 50 breaking out.

RSI is at 46. It should dwell towards the over sold region, where a bullish divergence can be formed and the market continues to move up. We can also wait for a bullish divergence to be formed at the over sold region.

EURUSD stacks on buys

May 08 2023

Stop Loss -0.25%

Holding time 5hr

1.09840

Entry price

1.09561

Stop loss price