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The EURUSD trend could be about to end as the daily price action suggests buyers are getting involved in the market. If the price breaks above 1.1800, we could see some further upside.
We’ll be going over EUR/USD as the price could show signs of a reversal opportunity.
Daily timeframe
We looked at this previously, but the price hasn’t reversed yet. However, we are now seeing some signs of a reversal forming.
The price action from the last 3-4 days has been closing within the previous candlesticks’ ranges.
The daily price action shows it closing back within the previous days’ ranges. This is a sign of a reversal forming. If the price breaks a daily high, we could look for short-term trading opportunities.
When low range candlesticks close within each other at a key support point, there is often a reversal in the market. The price tried to break below swing lows, but it failed multiple times.
So, we could start to see it rally towards or even pass the 1.18 level today.
Four-hour timeframe
In the four-hour time frame, the price is rejecting this area. We can look for a potential day trade in this market because there was a long wick to the downside this morning, which the price retested before it moved to the upside.
The price has blown through the area where the Asia session range began and reached a high. So, I would like to see a retracement to that move.
5-minute timeframe
I would like to see the price pullback towards the 50% level in the five-minute timeframe. I want to see if we could get a rejection to the upside for a long opportunity.
Alternatively, we could look for a long opportunity if we take out the Asia range highs because I think that the price will head towards the key 1.18 level.
In the day trading charts, we could look for a long opportunity at the retest of the 50% of the Asia session range or a break above the Asia range highs.
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