EURUSD has started its bullish trend, forming higher highs and higher lows, breaking resistances and unable to breach the demand/support zones. 

Market tapped the support level at 1.0850 which is a high strength support area on the weeky/daily. This level is a strong demand level. This level needs to be respected and has a strong indication to move the market up. On the higher timeframes, we also see an inverse head and shoulders on the daily timeframe.

On higher time frame, we have formed a higher low and a double top. This double top needs to be broken and continue forming a higher high to form a bullish structure.

Market is a bullish wedge pattern. Both the resistance and support trendlines have been tapped once. The support level has been tapped twice as well. Once the descending trendline tends to be broken out for buys, there will be an added confirmation for the EURUSD to continue its move up.

Course has been aligned with the support in confluence with the 61.8% level. This alignment is the push up factor for the EURUSD continuation up. We will go long at this level.

Both the EMA’s are bearish and have broken out for sells. The death cross is also bearish. Now, at the support level, we anticipate the move up to retest the EMA. This retest would be our profit target.

Both the oscillators are in a bearish region, heading back towards the neutralized levels after tapping the over sold region. RSI and CCI have both formed bullish divergences from the same are of the price action. This situation is on the oscillators is rare and once formed, it has a strong strength to move up.

Stacking EURUSD at 1.1080

Mar 30 2022

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