EUR/USD one step away from a major buy signal

Tomasz Wisniewski Axiory Global Ltd.

The situation on the Forex market changed dramatically this week and you can see that clearly through the EURUSD.

Last week ended with a massive drop and the price closing at new long-term lows. This week was different, the price reversed and was aiming higher almost every single day.

This week’s rise created two, very convincing bullish patterns on the chart. The first one can be seen on the weekly chart, and is a bullish engulfing pattern. The second one can be seen on the H4 and is a handsome Inverse Head and Shoulders pattern. The formation is active as we’ve already managed to break the neckline (blue).

The situation looks really great but there is one thing missing. The price is still below the mid-term down trendline(red). It may still scare some buyers. Once the EURUSD manages to break the red resistance, we’ll get a full-fledged buy signal.

The price bouncing of the trendline and dropping below the neckline is still possible, but currently less likely to happen. Our view on the EURUSD is bullish.

Author

Tomasz Wisniewski

Axiory Global Ltd.

Tomasz was born in Warsaw, Poland on 25th October, 1985.

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