The eurusd price bounced off the strong level priced in at 1.0500. This level has been respected and the market has continued its move up forming the higher price action in the limelight. The bullish trend has not started yet as the structure needs to be developed. Once developed, it will continue moving upwards. The resistance level is at 1.0635 which will be our take profit target.

The descending trendline needs to breakout for buys which is yet pended and due for. We will get an additional confirmation for buys once the breakout takes place.

The retracement level of 78.6% is in confluence with the support level. 

EMA 50 needs to breakout from its bearish direction in order to flow around the bullish sentiment and continue moving up.

RSI is still at the bearish region. I anticipate the market to dwell into the over sold region, where we can see a divergence formed and then continuation upwards along with the technical factors.

EURUSD another leg up?

Oct 16 2023