EURUSD Bullish ForecastThis pair was analyzed with multi timeframe analysis and zooming out on EU, it looks quite bullish and I am forecasting further upside. Yes, I understand that we are at (and potentially rejected off) a critical resistance level but we are also in a corrective structure projecting a bigger move to the upside.
While looking at DXY, we have the exact opposite, where we have a Bearish Structure currently consolidating for further downside.
Some confluences to support this idea:
Inverted Head & Shoulders pattern formed
Counter-trend of Daily Bearish Structure with Break & Retest
Daily Bullish Wick that should normally be filled
Previous COT data shows an increase in longs. New data will need to be reviewed when released.
Potential formation of weekly ICI pattern
Potential formation of new Daily Bullish Structure
The first step in order to validate this idea, will require a clean break above the resistance zone around 1.22.
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
