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The market is consolidating under the Super Trend Lines. Previously, the price couldn't reach 2/8 Murrey Math Level, that's why the pair has bounced towards the Daily Super Trend Line, which acted as resistance. 4/8 MM Level hasn't performed as support, so the price is approaching 3/8 MM Level. If there's a pullback from this level, bulls are likely going to resume pushing price higher. However, if 3/8 MM Level turns out to be broken, there'll be a green light to have a test of 2/8 MM Level.
It's essential to have confirmation for this scenario, so we should wait for the price fixating above the H4 Super Trend Line. Lacking doing so will show bullish weakness and put the outlook at risk. The Daily Super Trend is a substantial barrier for bulls because this line acted as resistance a few days ago. Thus, we should watch 6/8 MM Level as a potential bullish target. Meanwhile, if the price goes through this line there'll be a chance to see the pair even higher, potentially near 7/8 MM Level, which could be a starting point for a larger downward correction.
The bottom line is that there's a bullish opportunity in EUR/USD, but this scenario requires confirmation, so we should wait for the market's fixation above the H4 ST-Line and 4/8 MM Level.
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