EURUSD is neutral on its 1D technical outlook (RSI = 49.712, MACD = -0.001, ADX = 26.518) and that's exactly how we can characterize its trend on the medium term. Even though both this week and the previous closed on flat 1W candles, the pair remains inside a Channel Down that has just formed a 1D Death Cross. For now that is bearish and that's what we remain, still aiming for a -2.67% decline (TP = 1.06900) since two weeks ago.
Notice however the 1D MACD which is near forming a Bullish Cross, something we last saw on February 16th. If it gets completed, it will be a bullish reversal signal, so we will close our short and open long targeting the top dashed trendline (TP = 1.10700). If it fails to get completed like the August 30th 2023 one, we expect an even more aggressive downtrend. The difference this time is that the price already crossed over the 1D MA50, something which didn't happen then.
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Notice however the 1D MACD which is near forming a Bullish Cross, something we last saw on February 16th. If it gets completed, it will be a bullish reversal signal, so we will close our short and open long targeting the top dashed trendline (TP = 1.10700). If it fails to get completed like the August 30th 2023 one, we expect an even more aggressive downtrend. The difference this time is that the price already crossed over the 1D MA50, something which didn't happen then.
See how our prior idea has worked out:
## 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.