I am very bullish for the EURUSD because it is hitting bullish, uptrend support and it could surf this support for the short term.
The RSI is not yet oversold; there is still room north. There has been a recent reversal, bouncing off support with doji candlesticks, volume looks solid and economic data as well seems to support this.
With the recent rally, the pair seem to have consolidated and so it appears the market has fairly priced the pair and given the strong indications of a trend reversal, the outlook is optimistic.
With the recent price action, it is hard to place a stop loss and profit taking level but I am confident there will be strong upside momentum.
Overall, I am long the EURUSD pair and I will be prepared to hold the pair over the next couple of days if the current market conditions continue.
The RSI is not yet oversold; there is still room north. There has been a recent reversal, bouncing off support with doji candlesticks, volume looks solid and economic data as well seems to support this.
With the recent rally, the pair seem to have consolidated and so it appears the market has fairly priced the pair and given the strong indications of a trend reversal, the outlook is optimistic.
With the recent price action, it is hard to place a stop loss and profit taking level but I am confident there will be strong upside momentum.
Overall, I am long the EURUSD pair and I will be prepared to hold the pair over the next couple of days if the current market conditions continue.