EURUSD (1Hour): The bulls are heating up!!!

Hello pip hunters, here's my view on EURUSD for this week, enjoy!!

Reward: 232 pips 🤑
Risk: 16 pips ❌
Risk/Reward Ratio: 14.89 ✅

Chart Breakdown:

• Daily: Break and Re-test of downward trendline which gives us an overall bullish setup on the daily timeframe. Price also tested a support level on the daily timeframe giving us a high confluence zone.
  
• 4 Hour: Bullish setup in place as a result of price touching the upward trendline drawn on the 4 Hour timeframe.
  
• 1 Hour: Price came down from the downward trendline and is now treating a broken resistance level as support indicating that the 1 Hour is going to follow the bullish setup on the higher timeframes by breaking out of the downward trendline. Entry is on the 15 min upward trendline + support. I will wait for a bullish reversal candlestick to confirm entry. Another reason to go bullish on this chart is that price formed a higher-high and higher-low indicating to us that an uptrend is forming.
  

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DR.Swing_Forex