The EUR/USD currency pair after our previous anlaysis has formed a double bottom pattern on the weekly timeframe at the 1.05500 level, which has acted as a strong support level. This pattern indicates that the bearish momentum has ended and a new bullish trend may be forming.
The price has already started an impulse wave and has moved up to the 1.07500 level, indicating a strong buying pressure in the market. The momentum is likely to continue as the price has broken out of the previous resistance level.
Currently, the price is trading below a daily resistance level, but if it manages to break above it, it may trigger a bullish rally. A break above the resistance level would indicate a shift in market sentiment from bearish to bullish, and we may consider placing a long order according to the Plancton's strategy rules.
In conclusion, based on the double bottom pattern on the weekly timeframe, the bullish impulse wave on the 4-hour timeframe, and the potential break above the daily resistance level, we can expect a bullish trend in the EUR/USD currency pair. It may be a good time to consider a long position in the market.
The price has already started an impulse wave and has moved up to the 1.07500 level, indicating a strong buying pressure in the market. The momentum is likely to continue as the price has broken out of the previous resistance level.
Currently, the price is trading below a daily resistance level, but if it manages to break above it, it may trigger a bullish rally. A break above the resistance level would indicate a shift in market sentiment from bearish to bullish, and we may consider placing a long order according to the Plancton's strategy rules.
In conclusion, based on the double bottom pattern on the weekly timeframe, the bullish impulse wave on the 4-hour timeframe, and the potential break above the daily resistance level, we can expect a bullish trend in the EUR/USD currency pair. It may be a good time to consider a long position in the market.
