EURUSD| Weekly S/R| RSI Wedge| Increasing Volume Evening Traders,
Today’s analysis – EURUSD – impulsive break of weekly S/R, a retest will allow for a valid long.
Points to consider,
- Impulse bull move
- Weekly S/R support confluence (200 WMA)
- Local resistance holding
- RSI wedge
- Volume declining
Price decisively broke weekly S/R, a bullish retest will solidify the level. This allows us to have a bullish bias on the market.
Weekly S/R has technical confluence with the 200 WMA, this level has a high probability of holding true once the retest comes to fruition.
Price action is currently respecting local resistance as the RSI wedges. A break down from this wedge will coincide with price retracing.
The volume profile is noticeably increasing, must sustain for further upside momentum to be had.
Overall, in my opinion, EURUSD is likely to retrace for a retest. This will allow for a risk defined long. Price action is to be used upon discretion/ management of trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Trading effectively is about assessing probabilities, not certainties.” ― Yvan Byeajee
