I’m bullish on EURUSD.
We first look at the daily:
- Price tested 1.38 and failed during the week of 20 Dec 2013. Is this a reversal or retracement?
- Formed an ABC pull back over the course of the next two weeks. This confirms it is a retracement.
- Extremely bullish candle formed on 23 Jan 2014, confirming the retracement is over.
- We now zoom into the 15m chart to look for bullish candles and higher lows.
- We found two bullish candles in 15m and higher lows. Time to buy.