EurUsd is building bullish momentum

25 Okt 2022

As I said in my last week's EurUsd analysis, although the trend is bearish, in my opinion, it will turn, and is better to look for buying opportunities.
Indeed, on Friday we have yet another reversal with a strong bullish engulfing and also yesterday the pair managed to break above the triangle's resistance.
As we can see from the posted chart, since the 0.9550 low, EurUsd is putting in higher lows all being marked by strong reversals, indicating buying dips from big players.
At this moment EurUsd is facing 0.99 horizontal resistance and a break above would clarify things and put pressure on the upside.
The first target can be 1.02, followed by 1.035 zone important resistance.
Also, in case of an au break of 0.99, parity should provide some kind of resistance ( I don't expect it to be very strong though).
Buying dips with a stop loss under 0.97 could be a good strategy.