EURUSD has tapped the support level and is at the double bottom formation from where there is a potential to continue moving up. The trend is bearish on the pair and with the formation of lower lows and lower highs, there is a chance we might witness a pullback. I anticipate the pullback towards the resistance level. We are going to stack more on the pair at the support level priced at 1.0495. This is the minor support.

The descending trendline is on the verge of breaking out from the trendline for a breakout buy.

The EMA 50 will act as a profit target for our bullish position. Although, there is a chance for the breakout from the EMA 50.

RSI at 53. It needs to dwell towards the over sold region where we can anticipate a bullish divergence to continue its upward move.

Another stack on EURUSD

Oct 09 2023