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.