Euro / U.S. Dollar
Long

EURUSD On the 1D MA50 after 7 weeks. Support near.

857
The EURUSD pair continues to trade inside the long-term Channel Up pattern we used to call for our big bottom buy more than 2 months ago:

EURUSD looking for two support levels


Today the price is testing the 1D MA50 (blue trend-line) for the first time since March 24, having broken below the 0.236 Fibonacci level for the first time since March 17. The 1D MA100 (green trend-line) was the level that supported the previous correction within this long-term Channel Up on March 08 and March 15. We treat this as a strong long-term buy opportunity, targeting Resistance 1 (March 31 2022 High) at 1.11850.

Note that the 1D RSI shows strong symmetry with the January 05 pull-back.

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