EURUSD on the monthly chart is inside a Falling Wedge pattern that basically started after the 2008 crisis. The monthly technicals are just turning neutral (RSI = 44.604, MACD = -0.024, ADX = 52.083) for the first time since September 2021 but perhaps the most important indicator is the 1M MACD that formed a Bullish Cross.
In the past 20 years at least, every 1M MACD Bullish Cross extended a rally that had already started. The 1M MA50 is our first macro target (TP = 1.1200) with the top of the Falling Wedge being the second (TP = 1.1600).
If we were to make a 5 year projection, then the pair should approach at some point the 1M MA200, as it is the Resistaicen since mid 2014, while being the Support prior for 10 straight years. It is therefore a macro pivot level. Falling Wedge patterns tend to break to the upside and that can match its 10 years of the 1M MA200 as Resistance, and break aggressively to the upside, possibly to 1.3000 and beyond.
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In the past 20 years at least, every 1M MACD Bullish Cross extended a rally that had already started. The 1M MA50 is our first macro target (TP = 1.1200) with the top of the Falling Wedge being the second (TP = 1.1600).
If we were to make a 5 year projection, then the pair should approach at some point the 1M MA200, as it is the Resistaicen since mid 2014, while being the Support prior for 10 straight years. It is therefore a macro pivot level. Falling Wedge patterns tend to break to the upside and that can match its 10 years of the 1M MA200 as Resistance, and break aggressively to the upside, possibly to 1.3000 and beyond.
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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.