EURN has been respecting an upward trendline for quite a long time, with a recent bounce of it once again (red circles).
Furthermore the downward trend has been broken recently, which is another good sign.
And don't forget we still have a gap to fill at 8.885, plus fundamentals are good with a target of EUR 13.50.
So overall looking bullish for now.
So what needs to happen now is a retest of the downward trendline and/or the most recent horizontal support. This will then provide the foundation for a new uptrend and present a good buying opportunity.
Furthermore the downward trend has been broken recently, which is another good sign.
And don't forget we still have a gap to fill at 8.885, plus fundamentals are good with a target of EUR 13.50.
So overall looking bullish for now.
So what needs to happen now is a retest of the downward trendline and/or the most recent horizontal support. This will then provide the foundation for a new uptrend and present a good buying opportunity.
