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EUR/USD: bouncing, possible bullish resumption

   

EUR/USD has bounced after forming an a-b-c correction lower; this may be the start of a resumption of the pair’s v.short-term up-trend.

There are also signs of a bullish reversal on higher time-frames: for example, on the monthly chart, there is a two-bar reversal, on an area of major support ,whilst the daily is showing a double-bottom, visible in the chart below.

For stronger confirmation of a move higher I would like to see a break above the 1.1391 highs, with a move up after that, forecast to probably reach the R1 Monthly Pivot at 1.1486.
EURUSD12

   

EUR/USD has bounced after forming an a-b-c correction lower; this may be the start of a resumption of the pair’s v.short-term up-trend.

There are also signs of a bullish reversal on higher time-frames: for example, on the monthly chart, there is a two-bar reversal, on an area of major support ,whilst the daily is showing a double-bottom, visible in the chart below.

For stronger confirmation of a move higher I would like to see a break above the 1.1391 highs, with a move up after that, forecast to probably reach the R1 Monthly Pivot at 1.1486.
EURUSD12



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