Our Picks: EUR/USD
Time Frame: H1
Last Friday price has made a false breakout to the downside of the consolidation box. As we see, the price then went down to test the long term trendline, where then a bullish reaction took place after trapping most of the sellers. This powerful move up from down point making a bullish engulfing to break through resistance (see 61.8 fibonacci retracement), along with the box area to the upside. Will be watching for a pullback towards previous resistance (see blue zone) to test as new support for then a further push higher. Nevertheless there are some signs for bull to move price higher after double bottom, reached last weeks.