EURUSD has been ranging and even during the NFP, it stood within the range just stopping out both the sides. That being said, double bottom has already been formed and another tripple bottom is on the verge of forming where we see a bullish price action we can take on the buys at the price of 1.0910. The higher timeframe on EURUSD is bullish and the formation is higher highs and higher lows. 

The descending trendline has slightly breached the price action but the market is yet to breakout from the resistance level to determine the bullish cycle.

There is no retracement in this setup as the market simply ranged.

EMA 50 is bearish and will act as a profit target for us for the long position we will be taking.

RSI is at 45. It needs to dwell towards the over sold region where a bullish divergence will be formed and the market continues moving up.

Buying EURUSD at a discount

Jan 05 2024