EURUSD is going to tap the double bottom at the support level of 1.0850. This is the level from where, the market can go bullish and continue its course till 50 pips of 1.0900. Market is currently in a bearish market but the mark up will only pave to be the retracement move from the support level. If the structure changes, only then it will continue its course. Currently, market has formed a bullish structure and is retesting the support level at the price of 1.0850.

The descending trendline needs to breakout from the trendline and then validate the price action by opening and closing above it. Before that, there is no such confirmation of the bullish bias.

The retracement will be at 61.8% as the support level where we are looking to buy is going to be the support level with the formation of double bottoms.

EMA 50 is still bearish and the retest will be our profit target if market is unable to break it.

RSI is at 46. It needs to fall towards the over sold region. From there onwards, the technicals will align with the oscillator and the market will continue its course.

EURUSD still waiting for buys

Aug 31 2023