EURUSD important bounce on the long-term Pivot

The pair broke above its long-term pivot (Lower Highs) trend-line last week, effectively confirming the uptrend and the emergence of a Channel Up, at least on the medium-term. With the 1W MACD just making a Bullish Cross, EURUSD is now seen testing this pivot from above as a Support for the first time. If it holds, we may see a much stronger than expected rebound towards the previous Lower Highs or better yet the Fibonacci retracement levels. The 0.5 Fib (1.17265) is of particular interest to me as it is also where the 1D MA200 (orange trend-line is). If it breaks below the pivot, the 1D MA50 (blue trend-line) will be the first level of Support (matching also the Higher Lows/ bottom of the Channel Up).

--------------------------------------------------------------------------------------------------------

** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **

--------------------------------------------------------------------------------------------------------

TradingShot

👑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!

Also on:

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.

TradingShot

Also on: