Eurusd : Double Bottom [ Daily level 1.076 ] ⛽

23 mag 2023

There is a good probability that Eurusd will create a double bottom structure at 1.07597 on the Daily Timeframe. Here on the 1Hr we can observe a Low formed at the bottom of structure and is bouncing hard. I am anticipating a sort of double bottom structure here on EU. EU is flat after PMI data was released. Data was expected to be generally good and it turned out to be mixed.
-This news release lines up with a retest of our Daily Level 1.07597
-The recent 4Hr candle just closed at our 4Hr Support/ Daily Level 1.07597 with no bottom wick signaling to me that there is profit taking for the bear occurring.
-After 1Hr of Price action the current 4Hr candle didn't hesitate and has just gone straight up.
-The bottom wick for the new 4hr candle thus far has been very minimal.
- The 1Hr Candle just closed bullish at our 1.078 1Hr Zone
-Often times at the 7am PST candle you can observe a continuation of the previous trend . ( In this case confirmation of a bounce off our Daily level 1.076
-We have clean traffic on the 1Hr chart back up to 1.08 where we may run into some trouble in the short term

More Analysis: I bought the low price around the time when the new 4hr candle was opening and earned nearly 1% on the account. I don't necessarily think going short at Support is a wise thing unless you really know what you are doing.