EURUSD has tapped the support the second time, forming the double bottom priced at 1.0780. This is the support level which needs to be tapped and then continue moving up at the resistance level with a 100 pips range, priced in at 1.0900. It should be noted that the market had formed lower lows and lower highs and is now going to be retracing at the resistance level. 

The descending trendline is slightly above the current market price. The market needs to break out from the trendline. Earlier, the minor trendline has already broken out the trendline. 

There is no retracement on the H4 on this setup.

EMA 50 is bearish and we can utilize the retest as our profit booking on the pair. The curve is steep on the market price.

RSI is at 36, just a little above the over sold region of 25. At this point, we need to tap into the over sold region, from where a bullish divergence can be formed. 

Double bottom on support on EURUSD

May 23 2023