1. Price made a dip below the 1.077 level and quickly recovered above it. It trapped a lot of traders who treated this as a sell off and closed up above this level.
2. This second label is actually the second pull back. The initial pullback did not have a significant level. My entry proposal is based on this second pull back for a couple of reasons.
i) Faster and slower moving averages have converged. We're seeing shorter term price acceleration with with the EMA-20 threatening to cross above the EMA-60.
ii) Selling pressure has significantly weakened. If this current 1.0815 level holds up, we could potential see quite a push higher.
2. This second label is actually the second pull back. The initial pullback did not have a significant level. My entry proposal is based on this second pull back for a couple of reasons.
i) Faster and slower moving averages have converged. We're seeing shorter term price acceleration with with the EMA-20 threatening to cross above the EMA-60.
ii) Selling pressure has significantly weakened. If this current 1.0815 level holds up, we could potential see quite a push higher.
Trade active
EURUSD successfully made the push higher:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.