The EURUSD has surged nearly 300 pips since last week, marking a significant move after months of a prevailing downtrend. This fresh bullish momentum may signal the beginning of a potential trend reversal. For short-term traders, this rise presents an opportunity, as buyers currently dominate the market. Adding to the optimism, a Golden Cross—a widely recognized bullish indicator—has appeared, where the short-term moving average crosses above the long-term moving average, signaling strong buying momentum.
Additionally, the pair experienced a minor pullback, briefly testing the 23% Fibonacci retracement level. Traders looking to optimize entry points and achieve a better risk-to-reward ratio might consider waiting for another dip closer to the 38% Fibonacci retracement level, near 1.0540. This could provide a more favorable position to capitalize on the pair’s upward momentum. However, maintaining a cautious approach and monitoring key levels is crucial as the market evolves.
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