EURUSD Analysis: Intraday Timeframe Bullish Bias
Conclusion for today’s EURUSD Analysis: Price closing above ~1.1162 implies resumption of bullish momentum in the EURUSD.
EURUSD analysis for today is presented on an intraday (2 hour) timeframe with price action inspected from June 24, 2019 to current day (October 29, 2019). The downtrend in the EURUSD (as highlighted by the bearish trendline) from June 2019 was broken to the upside on October 10, 2019. The breakout is bullish for the EURUSD and further confirmation of a bullish bias is offered by the 200 day moving average whose slope has also turned to the upside.
The current retracement of the price swing from 1.1179 is therefore expected to be temporary after which bullish momentum should resume. A close above ~1.1162 suggests that the EURUSD should sustain its momentum from the October 1, 2019 price low of 1.0880.
On the other hand, a break below 1.0990 would argue against or reduce the chances of the EURUSD further rising and downside action expected to dominate.
EURUSD analysis for today is presented on an intraday (2 hour) timeframe with price action inspected from June 24, 2019 to current day (October 29, 2019). The downtrend in the EURUSD (as highlighted by the bearish trendline) from June 2019 was broken to the upside on October 10, 2019. The breakout is bullish for the EURUSD and further confirmation of a bullish bias is offered by the 200 day moving average whose slope has also turned to the upside.
The current retracement of the price swing from 1.1179 is therefore expected to be temporary after which bullish momentum should resume. A close above ~1.1162 suggests that the EURUSD should sustain its momentum from the October 1, 2019 price low of 1.0880.
On the other hand, a break below 1.0990 would argue against or reduce the chances of the EURUSD further rising and downside action expected to dominate.
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