EURUSD has been formed in a double bottom trend with the formation of tapping the support twice. Once the market taps the support level once again at the price of 1.0730, we will take the long position. Market is still bearish and at the support level, market can turn its tables towards the bullish impulse.

The descending trendline is in the formation of being broken out from it. And once broken out and validated, the market can continue moving up.

EMA 50 is still bearish and the market can tap and further break out for buys from the EMA 50, giving us further confirmation of buys.

RSI is at 47. We need to see the RSI to dwell towards the over sold region where a bullish divergence can be formed for impulsive continuation.

Double bottom at 1.0730

Feb 08 2024