The eurusd price bounced off the strong level priced in at 1.0535. 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 been developed as the market has structured the higher highs and higher lows of the pair. Once developed, it will continue moving upwards. The resistance level is at 1.0635 which will be our take profit target.

The descending trendline has broken out for buys with the price action and market has validated it and needs to retest the support after the breakout buy.

Since the bullish move is steep, I do not expect the market to retrace back towards either of the retracement levels.

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 bullish region, pointed at 73, which needs to be neutralized at the 50 level in order for the market to align with the technical factors to continue moving up.

Bullish on eurusd

Oct 23 2023