EUR USD Bullish
Updated
Based on my chart analysis.
On the Daily Chart, price is;
Showing a bullish side reacting to area of price support and Fib support.
Price has previously broken out of a downward parallel channel.
RSI and Stochs are >58
On the 4 hour chart the price is
Near 38.2 retracement
Coincides with Resistance turned support.
RSI and Stoch's both show as overbought.
On the 1 hour chart, the price is
At a minor trend line.
Either price rejects the trend line and continues bullish.
Or, price breaks through trend line and becomes bearish. This would leave to price come to a lower Fib level.
RSI and Stoch's both show as overbought.
On the Daily Chart, price is;
Showing a bullish side reacting to area of price support and Fib support.
Price has previously broken out of a downward parallel channel.
RSI and Stochs are >58
On the 4 hour chart the price is
Near 38.2 retracement
Coincides with Resistance turned support.
RSI and Stoch's both show as overbought.
On the 1 hour chart, the price is
At a minor trend line.
Either price rejects the trend line and continues bullish.
Or, price breaks through trend line and becomes bearish. This would leave to price come to a lower Fib level.
RSI and Stoch's both show as overbought.
Note
So far, price has rejected from the trendline as expected. Now sitting at area of resistance. I expect a small fall before continuing upwards.
If entered at Morning Star then appx 3:1 Reward to Risk, or earlier would have been 2:1
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