EURUSD can move higher? 🦐
Updated
The price has formed a series of higher highs and higher lows, indicating an uptrend in the market. After testing the resistance level at 1.09500, the price retraced to the 0.786 Fibonacci level, which suggests a healthy pullback in the uptrend.
The fact that the price has retraced to the 0.786 Fibonacci level, which is considered a deep retracement, indicates that buyers are still in control of the market and are likely to push the price higher. This level could also act as a support level, providing a strong base for the price to rebound from.
Furthermore, the price is now showing signs of moving back towards the resistance level at 1.09500 for a retest. This suggests that buyers are gaining momentum and are attempting to break above the resistance level, which could potentially lead to further upside movement.
In addition, the overall trend direction is positive, as indicated by the series of higher highs and higher, further supporting the bullish bias.
Based on these technical factors, a bullish outlook can be inferred for EUR/USD on the 4-hour chart.
Traders may consider looking for buying opportunities, with a target and stop loss according to the Plancton's strategy rules.
The fact that the price has retraced to the 0.786 Fibonacci level, which is considered a deep retracement, indicates that buyers are still in control of the market and are likely to push the price higher. This level could also act as a support level, providing a strong base for the price to rebound from.
Furthermore, the price is now showing signs of moving back towards the resistance level at 1.09500 for a retest. This suggests that buyers are gaining momentum and are attempting to break above the resistance level, which could potentially lead to further upside movement.
In addition, the overall trend direction is positive, as indicated by the series of higher highs and higher, further supporting the bullish bias.
Based on these technical factors, a bullish outlook can be inferred for EUR/USD on the 4-hour chart.
Traders may consider looking for buying opportunities, with a target and stop loss according to the Plancton's strategy rules.
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