EurUsd- Bullish Engulfing to mark the end of correction

8 Şub 2021

When it comes to EurUsd, one thing is clear, the long term trend is up and the drop from 1.2350 to 1.1950 is in a corrective manner.
On Friday the pair reversed exactly from 1.1950 which is an important horizontal level and slightly under 50% Fibo retracement of 1.16-1.235 leg up, putting in a nice bullish engulfing on our daily chart.
At the time of writing EurUsd is trading at 1.2038, slightly under 1.2050 resistance and a pullback is probable.
This pullback can give bulls the opportunity to open long position against the recent low and targeting 1.2280 resistance zone