Is EURUSD losing its bullish momentum?

Published On: 27 November 2023, 10:00 AM | Tan Peng Chien, Dealer

Key Entry Price Pivot(s)
  •  1.0965
Recommended Trade
  • Short at 1.082
  • Stop Loss at 1.0851
  • Take Profit at 1.0727
Alternative Case
  • Long at 1.0971
  • Stop Loss at 1.0939
  • Take Profit at 1.1066
  • EUR/USD recently swept a previous lower high on the daily chart near the price of 1.09400.
  • The bullish momentum has then slowed down showing no higher highs on the lower timeframes as the trading week comes to an end.
  • With a clear imbalance of price below current price levels, price could continue pushing downwards to fill the gaps from the previous push, aiming for a profit target at the bottom of the imbalance (1.0727).
  • Alternatively, with price still on a bullish momentum on the higher timeframes, traders could also look for a more conservative approach and ride the current trend. Possible price movement would be for price to push above the pivot point of 1.0965, taking a stab at creating a higher high.