EURUSD has been pushing towards the bearish side for the longer run, only to reject at the support level priced at 1.068. This price is a strong foothold as the market has the potential to go bullish from here after resting a little at the support level. The structure has started to be formed as higher highs and higher lows. 

Another impulse wave would take it to the next resistance, ultimately garnering us around 50-60 pips.

The trendlines have formed a bullish flag pattern. Market has induced the breakout buy earlier with a higher time frame and is now on the verge of breaking out from a smaller time frame for the breakout buy.

The retracement level is in confluence with the support level. The retracement level is at 61.8%, which has formed the confluence of the structure.

The EMA 50 is bullish now. At the support level, it seems that the market will form another confluence tapping the EMA 50, trendline and the support.

RSI is at 55. It needs fall towards the over sold region in order to confluence with the support level, where we are looking to go long.

Another stack on EURUSD

Jun 09 2023

Stop Loss -0.33%

Holding time 3hr

1.06804

Entry price

1.06452

Stop loss price