EUR/USD bullish trend reversal - long term
Updated
After a long bearish trend the pair has signaled a change to the bullish side. We see a inverted head and shoulders pattern develop on price action and there is strong divergence from Stoch and RSI indicators. When looking at the "commitment of traders reports" (published every Friday) there is a strong change for the EUR and also on volume indicators. Trend lines support this analysis. We will only look for longs in this market and have already entered at the close of the Feb 24 candle with a strong R/R ratio of 2.5. This is a long term analysis which says we will continuously look for bullish entries and will not trade pullbacks. We will however use pullbacks as entry signals and will be very interested when price action has a strong upside impulse at the top of the trendline (see chart).
Happy Trades.
As always, not financial advice, merely my opinion.
Happy Trades.
As always, not financial advice, merely my opinion.
Trade active
Price action has given another sweet entry. Big pullback on the market open, it doesn't change the outlook, if anything, I'm adding to my long position which will increase our R/R considerably. Happy trades
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