Hi Traders! We have EURUSD bullish structure forming at the moment. A detailed analysis of this buy setup is as follows:
EURUSD W1 Chart:
On the weekly chart we have a double wave down and the price which is moving lower has currently bounced from the 61.8% fibo expansion level. In addition to this we have a bullish divergence that has formed which we may consider as an evidence of bullish pressure. We may now look for more evidences of bullish pressure on lower timeframes in order to join the bulls.
EURUSD D1 Chart:
On the daily chart we have two critical zones that has formed and the price which is moving higher has currently broken above these two critical zones. In addition to this we have a bullish divergence that has formed which we may consider as an evidence of bullish pressure. We may now look for bullish setups with bullish evidences on lower timeframes in order to start looking for the buys.
EURUSD H4 Chart:
On the H4 chart the price is moving inside a triangle pattern and is respecting it so far. We may now look for a breakout above this triangle pattern (if the price breaks and closes above the most recent swing high then it would give extra reliability) we may then start looking for buys with more bullish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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