faaref

faaref

As the chart shows, EURUSD has completed a falling wedge in the daily time frame. and an engulfing pattern is taking place.

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There is an obvious trend in the weekly chart which was broken on May 3, it appears to be finishing the retest, an start of a bullish trend.

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Based on the weekly chart and support and resistance levels. if EUR closes a daily candle above 1.1770 area, we will most probably experience 60 days of bullish momentum

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The two horizontal lines are Fibo 23 and 38 levels. for now, EUR has made a breakout from the wedge which could potentially signal a bullish movement. I believe if the movement takes shape first target would be 1.17564 area

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Based on the previous wave, we are probably in a pullback to the 0.5 FIbo and trying to continue the wave.