Is EUR/USD Giving a buy Signal

in LeoFinance2 months ago

EUR/USD on a monthly time frame has been in an uptrend since Oct 2022. In my trend line analysis, it is that we have seen the respect of the trend line. On a technical
analysis point of view we can expect the continuation to the upside.

EUR/USD on a weekly technical analysis we can see a clearer view of this same trendline drawn from the monthly time frame. As it is acting as a support, we saw a test of it in October 2023, after which we experienced a rally to the upside. As at the time of this writing this same trending is being tested again and under Technical point of view all things expectation should be to the upside. Another point is that this same region is a strong support which have been tested a couple of times. So in a nutshell this is acting as a confluence point. Another valid reason to expect an upward movement.

On a daily Time frame, which is of course a shorter time frame, the picture becomes clearer. In trading a clear view is always recommended before deciding an entry. This is the reason why in mont cases, starting with a Higher time frame is a recommended requirement. However, in making an entry it is always advised to use a lower time frame. This will show more clearer view.

On this analysis, I will look for a proper entry to make a fantastic profit.

Note: This is not a financial advice, only trade with money you can lose.