EURUSD is priced in at 1.0650, which is forming the double bottom. This area has formed the support level. The aread to bounce off from seems keen at this point. We are looking towards a bullish engulfing or some point of reference to calibrate the formation of the bullish move upwards from here. The trend is currently down trend. It needs to move up towards the resistance level if the market seems bullish.

The trendline is still pending for the breakout buy. We will wait for the confirmation of the breakout and validation.

There is higher timeframe retracement level of 61.8% on the daily. Which is currently being respected. We will tap into this level for the confluence of support with retracement.

EMA 50 is still bearish. We can set the EMA 50 retest as the profit target of our bullish move.

RSI is at 36. This needs to to be either at the over sold region below the 25 mark or it has to be above the 50 region mark, for the continuation up.

Descending trendline retest

May 31 2023