Now, Here are the bullish reasons for EURUSD (Euro vs US Dollar) in the D1 timeframe:
1. Ascending Scallop Pattern: The EURUSD chart shows an ascending scallop pattern, indicating potential bullish domination. This pattern suggests a move upward on the daily timeframe.
2. Technical Indicators: While the pair remains confined to a 20-pip range below 1.0803, technical indicators in the daily chart support a downward extension. However, bearish momentum is lacking due to the absence of volume.
3. Moving Averages: The 200 Simple Moving Average (SMA) converges with the 50% Fibonacci retracement of the mentioned rally around 1.0840, reinforcing the resistance level. The near-term bearish potential remains firm.
4. Short-Term Outlook : In the 4-hour chart, the 20 SMA is accelerating south above the current level while remaining below the longer ones. Technical indicators also support another leg lower on a break below Friday's low at 1.0767.
1. Ascending Scallop Pattern: The EURUSD chart shows an ascending scallop pattern, indicating potential bullish domination. This pattern suggests a move upward on the daily timeframe.
2. Technical Indicators: While the pair remains confined to a 20-pip range below 1.0803, technical indicators in the daily chart support a downward extension. However, bearish momentum is lacking due to the absence of volume.
3. Moving Averages: The 200 Simple Moving Average (SMA) converges with the 50% Fibonacci retracement of the mentioned rally around 1.0840, reinforcing the resistance level. The near-term bearish potential remains firm.
4. Short-Term Outlook : In the 4-hour chart, the 20 SMA is accelerating south above the current level while remaining below the longer ones. Technical indicators also support another leg lower on a break below Friday's low at 1.0767.
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