EURUSD followed the buy recommendation we made more than a month ago on the market bottom (see chart below) precisely on the way to our 1.11350 long term target:
The price is now above the 4H MA50 (blue trend-line) with the 4H MA200 (orange trend-line) strongly supporting, having almost caused the Double Bottom of last Thursday. The break-out above the Lower Highs trend-line is similar to the one on June 08 where a minor pull-back for a 4H MA50 re-test, propelled the bullish leg that peaked on a +3.20% rise. A new rise of such magnitude would place the pair at 1.11820, exactly at the top of the multi-month Channel Up and the 1W MA200 (red trend-line), the long sought target for long term buyers.
We stick however to our slightly lower target of 1.11350 as the presence of the 1W MA200 may start exerting heavy selling pressure a bit earlier. So it is best to close any long there and wait for a clear confirmation signal for a new long term bullish break-out. Otherwise, we will be ready to sell the rejection and of course we will update our thesis here.
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The price is now above the 4H MA50 (blue trend-line) with the 4H MA200 (orange trend-line) strongly supporting, having almost caused the Double Bottom of last Thursday. The break-out above the Lower Highs trend-line is similar to the one on June 08 where a minor pull-back for a 4H MA50 re-test, propelled the bullish leg that peaked on a +3.20% rise. A new rise of such magnitude would place the pair at 1.11820, exactly at the top of the multi-month Channel Up and the 1W MA200 (red trend-line), the long sought target for long term buyers.
We stick however to our slightly lower target of 1.11350 as the presence of the 1W MA200 may start exerting heavy selling pressure a bit earlier. So it is best to close any long there and wait for a clear confirmation signal for a new long term bullish break-out. Otherwise, we will be ready to sell the rejection and of course we will update our thesis here.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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👑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.