EURUSD Short Term Buy Soon: Market Analysis

EURUSD has fallen during the London session after rising for the most part in the asian session. It seems that there may be a potential short term buy on EURUSD approaching, the 4 hour sma 5 currently sits at 0.98207 about 60 pips away which gives an indication that there can be a chance to retrace higher upon the next candle or two. MACD histogram bullish inflection momentum may be a good entry here with a stop loss and take profit of the 5 day sma. The EURUSD pair has been far below the 200 day sma for some time and has been having trouble breaking above. The indication of the price trending below the daily 200 sma indicates a bearish trend for banks and financial institutions. That does not rule out opportunities to buy but shorting overbought areas under the 200 sma may provide a better profit over a longer period of time. The 4 hour RSI has been converging as you can see the price has been moving lower whilst the RSI has been moving higher this can signal that the bearish trend potentially is fading and a bullish trend, at least a short term trend may be starting soon. I will be looking for 50-60 pips soon and will be waiting for some signals of bullish momentum. In economic news tomorrow Fed Chair Powell speaks at 1pm New York Time EST. Canada and Great Britian will also be releasing high volatility news if you are watching USDCAD or GBPUSD. $EUR/USD
Ilyas Khan Top1 Markets

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