EURUSD broke above the 4 hour supply zone and again moved above the blue line at the bottom of the chart, so if it settles above this blue line, it could move up near the daily supply zone.
And, even if there is a retracement, landing on the blue line is important for the uptrend to continue. Otherwise, the daily downtrend will subside and test the bottom again.
However, if it settles above the lower blue support line and rises above 1.0, then the overall pattern should be reconsidered.
The reason is that the low can be the starting line for a weekly or monthly trend of a new uptrend.
If so, the overall pattern will be propagated from weekly correction to monthly correction.
The most important time will be when the market has an action or retracement in the daily supply zone.
Please take a good look at the DXY chart analysis as well.
In DXY, on the contrary, action is important near the daily demand zone.
And, even if there is a retracement, landing on the blue line is important for the uptrend to continue. Otherwise, the daily downtrend will subside and test the bottom again.
However, if it settles above the lower blue support line and rises above 1.0, then the overall pattern should be reconsidered.
The reason is that the low can be the starting line for a weekly or monthly trend of a new uptrend.
If so, the overall pattern will be propagated from weekly correction to monthly correction.
The most important time will be when the market has an action or retracement in the daily supply zone.
Please take a good look at the DXY chart analysis as well.
In DXY, on the contrary, action is important near the daily demand zone.
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