EURUSD releases the accumulated extravasated juice and erupts
The euro-dollar is forming a bottoming action on Friday and today after a 1.05 stop-loss was hunted on Thursday. Those who bought at 1.05 are still holding positions and have not completely thrown in the towel. Many people are waiting for the move to come back to that level. If they ride that move, it becomes a short-term momentum-driven trade to the upside. For now, breaking today's high and closing with a bullish candle would provide a trigger for further upside. If today’s low is broken or Friday’s low is breached, there is still room to the downside. That would be the risk, but for those holding positions near 1.05, they would need to throw in their sheets about 60 pips below today’s low on May 16, 2022. Thursday’s and Friday’s lows form a double bottom.