The EURUSD pair hit on Friday its 1W MA200 (orange trend-line) for the first time in 5 months (since October 03 2024). This is a major Resistance level which initiated a strong -4.00% decline on December 28 2023.
In fact -4.00% declines have been quite common for EURUSD in the past 2 years. However, the pair's strongest Resistance level has been the 1M MA100 (red trend-line) which has formed both market tops on October 01 2024 and July 18 2023.
As a result, the most optimal sell entry would be when the 1W RSI hits its Resistance Zone, with the price probably close to the 1M MA100 within the Lower Highs Zone. On the long-term, the R/R has shifted dramatically in favor of selling right now. If the rejection does happen on the 1W MA200 eventually and won't close any 1W candle above it, we have a short-term Target at 1.04600 (-4.00% decline) and if the rejection takes place higher, we will be expecting a bottom near parity with a technical Target at 1.00500 (Lower Lows Zone).
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In fact -4.00% declines have been quite common for EURUSD in the past 2 years. However, the pair's strongest Resistance level has been the 1M MA100 (red trend-line) which has formed both market tops on October 01 2024 and July 18 2023.
As a result, the most optimal sell entry would be when the 1W RSI hits its Resistance Zone, with the price probably close to the 1M MA100 within the Lower Highs Zone. On the long-term, the R/R has shifted dramatically in favor of selling right now. If the rejection does happen on the 1W MA200 eventually and won't close any 1W candle above it, we have a short-term Target at 1.04600 (-4.00% decline) and if the rejection takes place higher, we will be expecting a bottom near parity with a technical Target at 1.00500 (Lower Lows Zone).
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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