EURUSD Forex Trading Signals with TP & SL

EURUSD Forex Signal Update: Bullish Trend with Potential Dip (April 18, 2024)

Arif Chowdhury
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Last Updated on April 18, 2024 by Arif Chowdhury

In this forex signal update, we’ll analyze the EURUSD pair using H4, M30, and M15 charts. Our previous analysis identified a bullish butterfly pattern on the H4 timeframe. Now, an additional bearish butterfly has emerged, hinting at a possible price retracement.

This retracement could bring the price down to the 1.06231 level before the uptrend resumes. We’ll provide further confirmation on this development in a future post.

Moving to the lower timeframes, the M15 chart offers encouraging signs for the bulls. Price has decisively crossed and held above the key moving averages (41, 87 & 200) for a sustained period. This signals continued bullish momentum.

The M30 chart strengthens this view. Price sits comfortably above all moving averages, suggesting a “safe zone” for the uptrend.

Trading Recommendations:

While a retracement is likely, we recommend waiting for it before entering any short positions. The overall trend remains bullish, and a price dip could be an opportunity to buy at a lower entry point.

Maintain the previous take profit levels:

  • 1st target: 38.2% – 1.0709
  • 2nd target: 61.8% – 1.0776

Remember: This analysis serves educational purposes only and shouldn’t be considered financial advice. Always conduct your own research before making any trades.