EURUSD Bullish Trade Setup

10 Feb 2024

SL: 1.06500
ENTRY: 1.07626
TP: 1.0

• After an initial bearish move price found support at the monthly demand zone and also respected the 1.05 quarter point & monthly trend line.
  
  
• This ultimately formed a higher low and a continuation of the overall bullish trend.
  
  
• Price then began a bullish move until it met resistance at a weekly supply zone and created a lower high.
  
  
• A huge sell-off followed until it met and found support at the monthly trendline, support at the 1.075 quarter point & support at a weekly demand zone.
  
  
• The sell-off also served as a retracement and price ultimately ended up respecting the 61.8 fib level.
  
  
• The weekly candlestick also appears to potentially close as a bullish hammer.
  
  
• I am expecting price to continue bullish and test the resistance of 1.0 major point/weekly supply zone.