EURUSD is forming inverse head and shoulders.

EURUSD is in a bullish trend with the formation of higher highs and higher lows. With that, retracement is bound to happen which the market is currently doing. The retracement will take place till the support level which is priced at 1.0960. We will see what happends at this area in essense of price action and take the long position. At this price, market is also forming a double bottom.

The descending channel is being formed on the pair where the support trendline is being tapped at the support level and there is a potential for the market to buff up from it.

The retracement level is in confluence with the support level priced at 1.1003. This confluence will act as a solid confirmation of the high up on the bullish move.

The EMA 50 is still bearish and another impulse up will create the breakout of the EMA 50.

RSI is at 54. It needs to move towards the neutralized level where it can form a support and align with the technical analysis.

EURUSD is forming inverse head and shoulders

Aug 07 2023