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The EURUSD has come into the major support zone and started to reject, is this the start of the daily impulse phase?

Watch the video to learn more…

Daily Chart

eurusd hits key support

The EURUSD has tested the key support zone in the daily time frame where buyers could re-enter the market. The daily trend suggests this is a zone that the impulse could start from, if the market is going to rally from here we should see some reversal patterns form. 

We can either wait for daily bullish price action here to show us buyers are active at these highs or look for a change in trend on the lower time frame.

The 4hr Time Frame

eurusd hits key support 4hr time frame

As we can see from the 4hr time frame the price is rejecting the level however, we are still in the daily retracement phase because the market is still technically forming lower highs and lower lows. 

Until this trend changes we need to be patient before buying the market. If the market is going to form a reversal pattern such as a double bottom pattern we could see a rejection of the 4hr lows. 

When the pattern completes we can assume the daily time frame is in an impulse phase and we can begin to look for long opportunities.

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