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

On the Daily chart above, earlier price action today resulted in a decisive break above the downward or bearish channel, which we discussed yesterday. Not only that, the bulls also shattered two critical resistance levels: the most recent Daily swing high @ 1.5047, a level which had been acting as the “second top” of a previously anticipated – i.e. now nullified – Double Top formation (pointed out by the right green arrow), and the year-high @ 1.5061 (which we've highlighted using the blue broken line). Both are just a few pips apart from each other.
Hence, from a day-trade perspective (and even a longer term perspective), our bias is now bullish. There seems to be no major resistance level the bulls have to contend with for now, so we expect a relatively “smooth” uptrend for the time being.

On the H4 chart above, price has broken the most recent swing high @ 1.4987 (which we've highlighted using the lowest blue broken line) upward. That sustains our bias in favor of an upward price move. Also, as we discussed on the Daily chart, the crucial resistance levels: the most recent Daily swing high @ 1.5047 and the year-high @ 1.5061 (which we've highlighted using the middle and uppermost blue broken lines, respectively) have also been broken; and that greatly strengthens our bullish bias. However, let’s keep in mind that price has moved a considerable distance today, so movement might stall for a while. The green horizontal line @ 1.4887 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, when seeking our Long trades, we’ll 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 an up-trend.