In the chart below there are clear visible bullish market patterns that can signal for another possible move higher for the EURUSD pair. The pair still needs to do a push lower where bulls could be waiting to push the pair higher. Dark blue bullish market pattern triggers BUYS at the XA 0.886% Fib. retracement level. The XA 0.886% buy level is also in a fresh untouched Demand Zone (light blue box) where buy orders can be situated. Traders should also watch for price to respect both the Dynamic Support Moving Average (green) and Ascending Trend Line support (black). If price respects both the moving average and trend line on the push lower it will confirm a bullish confluence zone with a reaction higher. Elliott Wave preferred bullish count is also calling for a wave ((4)) termination which will be followed by a wave ((5)) move higher. Added signal to watch for is if a bullish divergence pattern (purple) forms on the next move lower to the XA 0.886% level. This bullish divergence pattern will add more buyers to get in the market and could see EURUSD rally higher above the January 6 2021 high. Only a move below 1.1480 will invalidate the blue bullish pattern. Traders should be patient and wait for price to enter the Demand Zone to then start looking for possible buying opportunities.
EURUSD Daily Chart March 28 2021
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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