Last week there was a correction on the EUR/USD price, but was a correction or trend changing? Lets do a quick analysis. Currently the price is 1.2293 and looking at the daily chart there is a nice long red candles for the past week. But still even with the decline we are still over the Ichioku Cloud, which shows a bullish sentiments and also we are way over the 50 and 200 MAs. This is another confirmation on the stronger bullish trend.
So the trend is bullish, but before entering the market, lets find the best possible entry position. I use the pivot point price action for this. Switching to the weekly chart and calculating the pivot points based on the last closed candle, we are seeing the levels below.
Currently the price is slightly below the PP level, which is a good buying indicator considering the bullish trend. But before entering blindly into the markets let check on the other pivot point levels.
I think both S1 and S2 are great levels for opening long position. Looking at the daily chart at S1 we have both resistance and support level, which indicate us that this could play one more time as a support. If you think that the price can get lower more before resume with the upper movement, then S2 is another good opportunity for entering a long position.
The exit point could be the upper pivot point level or even the next one.
Please note that this is my view of the market and you should trade responsibly.