EUR/USD Analysis today

Current Trend: Beginning of an Uptrend

Key Observation:
- EUR/USD has initiated an upward trend, marked by higher highs and higher lows.
- However, a short-term pullback is anticipated before the price reaches a strong support level, after which the upward trend is expected to resume.

Price Action Analysis:
- Pullback Prediction: Short-term bearish price action suggests a retracement towards a strong support level.
- Support Level: Identify and monitor the key support level for potential bullish reversal signals.
- Reversal Signal: Watch for bullish candlestick patterns, such as bullish engulfing or hammer, at the support level to confirm the continuation of the uptrend.

Conclusion:
Although EUR/USD is in the early stages of an uptrend, a short-term decline towards a strong support level is expected before the trend continues upward. Traders should look for bullish signals at the support level for potential LONG positions in line with the prevailing trend.