Long

EURUSD Bounce on the 4H MA100 eyes 1.2000.

The EURUSD pair has been trading within a Channel Up pattern since the May 12 Low. Right now it is expanding its 3rd Bearish Leg of this structure, with the previous two reaching at least either the 4H MA100 (green trend-line) or the 0.5 Fibonacci retracement level before rebounding.

As a result, we expect a rebound soon around the 1.16500 level to start the new Bullish Leg. The last two peaked on the 1.5 Fibonacci extension, which gives us a clear Target at 1.2000.

Notice also that every time the 4H MACD formed a Bullish Cross below the 0.0 mark, it was a confirmed buy signal. Use that to your advantage.

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