EUR/USD - Good levels for short term long

FX forecast / EUR/USD / Our expectations:

Let's start with the Daily. Despite the breakthrough in the main trend line and the strong foundation in favor of Short positions in the currency pair, upward retracement are not excluded. Current levels give a good opportunity for a short term Long. What do we have on Daily? 50 and 200 SMA are still available in bullish cross, and the price has not even touched 200 in the past one year. There is also a support zone formed by a basic horizontal support, 23.6% Fibonacci correction of the main trend and short term diagonal. DeMarker points up - positive for the price.

Let's look in detail - H4

There is a strong Price Action showing the strength of the bulls from the current levels. Double Bottom has also been created, but it is not yet activated. Bully Pin bar at levels of support - positive for the price. DeMarker goes out of the over-sales area and points up - also positive for the price.

SL: 1.20383

Alternative Scenario: If the price goes below the support zone and stays there in several successive bars, the positive scenario will break and the downward trend is likely to continue.

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