06.08.201914:57 Forex Analysis & Reviews: Bullish reverse happened in EUR/USD

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1/8 Murrey Math Level has acted as support pushing the price higher. Super Trend Lines have formed a 'Bullish Cross' which bring more evidence that reverse has occurred. However, the price hasn't break 4/8 MM Level, so there's an ongoing local downward correction. The price is likely going to test Super Trend Lines in the coming hours which both could stop the correction. If this happens, there'll be a green light for another bullish rally.

The main intraday target is 6/8 MM Level which could be a starting point for a larget bearish correction. It's essential that the price should break 4/8 MM Level as confirmation for this scenario. If this level acts as resistance again, there'll be an option to have a local decline in the direction of 3/8 MM Level. However, if the pair fixates above 4/8 MM Level instead, there'll be an open door for bulls to achieve 6/8 MM Level. Additionally, if 6/8 MM Level turns out to be broken, we should watch 7/8 MM Level as the next target.

The bottom line is that a bullish reverse has happened in EUR/USD. Thus, after a short break, the market is going to continue moving up towards 6/8 or even 7/8 MM Levels.

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