The EURUSD pair got last week the closest to the 1W MA50 (blue trend-line) it has been since the January 02 2023 1W candle, practically the start of the year. The 1W MA50 has been the long-term Support of the bullish trend since the pair broke above it on the week of December 05 2022. Testing it after that long can provide a technical rebound, especially considering the fact that last week the trend completed eight (8) straight red 1W candles.
To put things into a more detailed context, the price action of the past 12 months is similar to the one that preceded the March 29 2021 1W MA50 test. Both lasted on a similar date range (50 weeks/ 350 days and 54 weeks/ 378 days respectively) from the bottom to the 1W MA50 test and the 1W RSI on both dropped from 70.00 to 42.50. The 2021 rebound marginally broke the 0.786 Fibonacci retracement level before getting rejected on a Lower Highs trend-line to the 2021 - 2022 Bear Cycle.
As a result, it is worth attempting a medium-term buy, as long as the 1W candle closes above the 1W MA50 and target the 0.786 Fibonacci level, which on this occasion is at 1.11500.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
To put things into a more detailed context, the price action of the past 12 months is similar to the one that preceded the March 29 2021 1W MA50 test. Both lasted on a similar date range (50 weeks/ 350 days and 54 weeks/ 378 days respectively) from the bottom to the 1W MA50 test and the 1W RSI on both dropped from 70.00 to 42.50. The 2021 rebound marginally broke the 0.786 Fibonacci retracement level before getting rejected on a Lower Highs trend-line to the 2021 - 2022 Bear Cycle.
As a result, it is worth attempting a medium-term buy, as long as the 1W candle closes above the 1W MA50 and target the 0.786 Fibonacci level, which on this occasion is at 1.11500.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.