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

On the Daily chart above, we could notice a reversal candle pattern (engulfing candle) around the lower border of a rising wedge chart formation. Also, price has broken above the previous day high @ 1.4246 (which we’ve highlighted using the blue broken line). These are good signs supporting the possibility of a continuous price movement upward. The upper edge of the rising wedge is about 200 pips above the current price level; hence, another complementary sign that price has a good chance of moving further upward.

On the H4 chart above, price has broken the most recent swing high @ 1.4246 (which we’ve highlighted using the blue broken line) upward. This automatically shifts our bias in favor of an upward price move. The green horizontal line @ 1.4121 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.