FX.co ★ Saddique93ml | EUR/USD

According to my analysis of the EURUSD M15 chart, the pair exhibits a bullish bias after a consolidation phase, with clear price action dynamics and technical indicators guiding the short‑term outlook. Price Action & Trend The chart shows a sharp upward move from around 1.17348 to a peak near 1.17448, followed by a retracement and a subsequent ascending trend line (drawn in brown) that supports the ongoing bullish momentum indicated by the arrow projecting further upside. The candlestick pattern near the current level suggests buyers are regaining control, with green bullish candles forming above the trend line. Key Support & Resistance Levels 1. *Resistance*: Immediate resistance lies at *1.17448*, the recent high. Breaking above this could target the next psychological level around *1.17500*. 2. *Support*: Primary support is the ascending trend line, currently near *1.17398* (highlighted by the green box). Secondary support sits at *1.17348*, the recent swing low, which also acts as a breakout base. 3. *Pivot Zone*: The horizontal red line at *1.17402* marks a short‑term pivot; price hovering above it favors continuation of the uptrend. Technical Indicators *RSI(14)*: Reading 50.93 indicates neutral‑to‑slightly bullish momentum, with room to climb toward overbought territory if the uptrend persists. *Volume*: Moderate volume spikes accompany the bullish candles, confirming interest in the upward move. A surge in volume on a breakout would strengthen the bullish case. Trading Strategy 1. *Entry*: Consider long positions on a confirmed break and close above *1.17448* with a tight stop. 2. *Target*: Projected upside to *1.17500* or higher, based on the trend line extension. 3. *Stop Loss*: Place below the trend line or the recent low at *1.17348* to protect against a reversal. Risk Management *Position sizing*: Limit exposure to 1–2% of capital per trade to withstand potential drawdowns. *Risk‑reward ratio*: Aim for at least 1:2, setting the target at double the distance from entry to stop‑loss. *Trailing stops*: Move the stop to breakeven or follow the trend line as the trade advances to lock in profits. Trading Discipline *Plan adherence*: Stick to predefined entry, target, and stop levels; avoid emotional decisions based on short‑term fluctuations. *Review*: After the trade, analyze whether price respected support/resistance and adjust future levels accordingly. *Consistency*: Maintain a journal of setups, outcomes, and adherence to risk rules to refine the strategy over time. Scenario Considerations *Bullish continuation*: If price sustains above the trend line and resistance breaks, expect further ascent with increased momentum. *Reversal risk*: A drop below the trend line and *1.17348* would invalidate the bullish bias, signaling a potential short setup or exit. By respecting the identified support/resistance zones, monitoring volume and RSI, and enforcing strict risk management and trading discipline, the trader can capitalize on the EURUSD’s upward momentum while protecting against unexpected market shifts.