EURUSD continues to provide mixed results againt the basket of currencies above, with the clearest trend being the depreciation against JPY over all four timeframes. However as you can see on the chart below, EURUSD has printed a likely swing low and could be targting a run towards 1.1530 resistance.
Support has been seen at the upper bullish channel and the internal trendline projected from the bullish channel. Price lost bearish momentum as we approached this juncture and the upside burst over the past 30 minutes makes me suspect a swing low has been seen, and a run towards 1.1530 resistance is pending.
If we miss an initial upside move then we can either refer to lower timeframes and seek bullish setups on pullbacks, or await a pullback on H1 and use a buy-limit to catch any shakeout (and assume the bullish run will resume).
- A break below the internal trendline invalidates the setup
- A break above 1.1530 resistance assume the bullish trend from April 22 lows has resumed.
EURUSD building bullish momentum
The intraday timeframes suggest we may be about to experience another leg higher, with a break above 1.1530 confirming a much deeper move is in play.