EURUSD has been ranging for a while now. This means, when the market breaks on either of the sides, it will give us the equivalent pips of the ranging market. We anticipate the market to break up from the resistance and continue moving up as the market is bullish right now. The price we are looking to go bullish at is 1.0975.

The descending trendline has induced the breakout buy but the structure needs to break the level of resistance in order for the market to mark itself as bullish.

The retracement level is in confluence with the support level priced at 1.0965. This level is prime for the market to continue moving up.

The EMA 50 is bullish now and at the retest of the EMA, we will be taking our bullish position.

RSI is at 63. It needs to move towards the neutralized level where it can form a support and align with the technical analysis.

EURUSD ranging for a bullish mark up

Aug 10 2023