EURUSD fakes out off 4-hour level, showing momentum to push high
Updated
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.
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EURUSD successfully made the push higher:
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