EURUSD likely to move from Uncertainty to Opportunity
Updated
Hello Traders,
It's good to be back to posting my analysis after a short break.
Here is my outlook on the EURUSD currency pair.
The directional movement of EURUSD is quite unclear. Recently, we have seen price encountered difficulty in closing above the previously established local maximum at 1.08058 in close proximity to the 800EMA, which serves as a dynamic resistance. Upon revisiting this level, a negative reaction occurred in the form of a pullback.
The current level is well-defined, and the breach of both this level and the 800EMA constitutes a strong signal for active buying. Until such a development occurs, the corrective structure may persist.
This current structure could also be viewed as a 1-2 wave structure within a broader wave [1]. As such, this nested structure holds the potential to evolve into a considerably prolonged upward impulse.
In the prevailing circumstances, a breakout beyond the 1.08060 level would signal buying opportunities. The initial target is the 1.08640 level, acting as the center of gravity, and a successful breakout beyond this level is expected to push the price towards 1.0925 and 1.0986, respectively.
Cheers and Happy trading!
It's good to be back to posting my analysis after a short break.
Here is my outlook on the EURUSD currency pair.
The directional movement of EURUSD is quite unclear. Recently, we have seen price encountered difficulty in closing above the previously established local maximum at 1.08058 in close proximity to the 800EMA, which serves as a dynamic resistance. Upon revisiting this level, a negative reaction occurred in the form of a pullback.
The current level is well-defined, and the breach of both this level and the 800EMA constitutes a strong signal for active buying. Until such a development occurs, the corrective structure may persist.
This current structure could also be viewed as a 1-2 wave structure within a broader wave [1]. As such, this nested structure holds the potential to evolve into a considerably prolonged upward impulse.
In the prevailing circumstances, a breakout beyond the 1.08060 level would signal buying opportunities. The initial target is the 1.08640 level, acting as the center of gravity, and a successful breakout beyond this level is expected to push the price towards 1.0925 and 1.0986, respectively.
Cheers and Happy trading!
Note
Target 1 and 2 have been hit. Note
+170PIPS Target hit already
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