Today on EURUSD – Daily and H4 charts support Long trades.

On the Daily chart above, price is conveniently out of and above its symmetrical triangle formation: previous swing highs are being broken to the upside. The latest swing high price closed above was a critical resistance level @ 1.4201 (which we’ve highlighted using the lower blue broken line), which isn’t just a Daily swing high, but also a Weekly swing high. These are lovely signs confirming a bullish or an upward-move bias. A very critical resistance is @ 1.4336 (which we’ve highlighted using the upper blue broken line). Let’s keep this level in mind (in relation to our profit target, in case we are eventually able to get a Long trade set-up on the Hourly chart – supported by the H4 chart).

On the H4 chart above, the EURUSD is simply in an obvious up-trend: price keeps forming higher highs and higher lows. A trending market doesn’t get more beautiful than this. Price has broken the most recent swing high @ 1.4166 (which we’ve highlighted using the blue broken line) upward. From a day-trade perspective, this is a good sign supporting a Long trade. The green horizontal line @ 1.4062 highlights the most recent swing low, and as long as price stays above it – in the absence of any new and higher swing low – our bullish or upward bias remains intact.

However, we still need our hourly charts – using Fibonacci retracement levels and important support levels – to seek promising areas to take our Long positions. Price pattern on the hourly must also be forming higher highs and higher lows. Please note that our aim is to buy a dip in today’s up-trend.

Also, PATIENCE is the key here: we need to patiently wait for the hourly retracement. It might happen, and it might not.