EURUSD has been pushing towards the bearish side for the longer run, only to reject at the support level priced at 1.0806. 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 of 61.8% is in confluence with the support level which has a bullish impact.

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 37. It needs to dwell into the over sold region, where it can form a bullish divergence as well. 

Another buy on EURUSD

Jun 23 2023