Looking at the EURUSD here just before Monday's open. couple of things I'm looking at to grab a quick 30 pips at the open, this is a very risky play because I do think the bias is bullish for the euro against the dollar based on the DXY. but the DXY in my opinion is looking for a slight retrace back up before more bearish continuation down. so it is dependent on the DXY's momentum but all of the technical indicators are looking like a double bottom is on the cards here. we could see a wick to my green line here before seeing a continuation to the upside.
if you take a look at the RSI it is also forming a double bottom so that would be perfect and give price a lot of momentum to push to the upside.
im gonna be honest I am not sure the DXY has much more upwards pressure left in it so to even form the second bottom is going to be difficult here. I will post a DXY update as well after this but the likelihood is we will push up tomorrow early allow the DXY to build some more momentum before testing a key level and allowing a lovely entry on a long position.
if you take a look at the RSI it is also forming a double bottom so that would be perfect and give price a lot of momentum to push to the upside.
im gonna be honest I am not sure the DXY has much more upwards pressure left in it so to even form the second bottom is going to be difficult here. I will post a DXY update as well after this but the likelihood is we will push up tomorrow early allow the DXY to build some more momentum before testing a key level and allowing a lovely entry on a long position.
