Important development for EURUSD which after a strong 2 month rally (April - May), it is close to forming an MA50/ MA100 Bullish Cross on the 1D time-frame. Last time that pattern emerged was on June 16, 2020 and after a pull-back to the 0.618 Fibonacci retracement level, the price formed a bottom and rallied to the 1.5 Fibonacci extension level.
That rally formed the new Higher High of the 2-year Channel Up that the pair has been trading in. Assuming that the new 1D MA50/100 Bullish Cross forms the new bottom, then the price can rally at least towards the 1.5 Fib extension, which is now a little over 1.26500, and that would still be below the Higher High trend-line of the Channel Up.
Former EURUSD idea:
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That rally formed the new Higher High of the 2-year Channel Up that the pair has been trading in. Assuming that the new 1D MA50/100 Bullish Cross forms the new bottom, then the price can rally at least towards the 1.5 Fib extension, which is now a little over 1.26500, and that would still be below the Higher High trend-line of the Channel Up.
Former EURUSD idea:
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> CryptoSurfer007
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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.