EURUSD: How to Trade in Bullish Market
The previous trading plan, which was based on a trend reversal signal, failed. The price continued the upward movement and reached another resistance zone. Maybe you think that the market is strong and we have to search for buying opportunities. But from my point of view, it is a mistake. The market has made a good upward movement. It gave us at least several buy signals in the daily chart and much more trading signals for buying in the hourly timeframes.
We could buy following the reversal signals from 1.08000 support. We could buy when the price broke SMA200 and the local swing high. It was a breakout from the price channel as well. We could buy follow the reversal frim 1.12000 support.
From my point of view, now we have to search for selling opportunities. Trend reversal signals at the resistance zone, chart patterns will be good for selling. Our goal should be to catch a correction movement. The market has space for the downward movement to 1.14000 support and SMA50. So, that's why the price action at 1.16000 will be interesting for sellers.
If you believe in strong Euro, you should wait for the correction movement and buy using reversal signals from SMAs and the support lines.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
We could buy following the reversal signals from 1.08000 support. We could buy when the price broke SMA200 and the local swing high. It was a breakout from the price channel as well. We could buy follow the reversal frim 1.12000 support.
From my point of view, now we have to search for selling opportunities. Trend reversal signals at the resistance zone, chart patterns will be good for selling. Our goal should be to catch a correction movement. The market has space for the downward movement to 1.14000 support and SMA50. So, that's why the price action at 1.16000 will be interesting for sellers.
If you believe in strong Euro, you should wait for the correction movement and buy using reversal signals from SMAs and the support lines.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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