Last week's EURUSD idea had to do exactly with this potential 1D MA50 (blue trend-line) test and it happened:
Of course that was largely attributed to the fact that we spotted that (emerging at the time) Channel Up and the top on its Higher Highs trend-line was accurately projected. Now the 1D MA50 test happens to be also at the bottom (Higher Lows trend-line) of the Channel Up.
As I mentioned in December the weekly chart was largely oversold both in terms of RSI and CCI:
As today's chart displays, the 1W RSI in fact (note that the price action is on the 1D time-frame but the indicators below (MACD and RSI) are on the 1W) made a Double Bottom, rebounded and is still just above 40.000. That means that the uptrend still has room to grow. The 1W MACD also made the decisive Bullish Cross.
What does this mean for us now? Well, for as long as the Channel Up is valid, we should be buying on the Higher Lows, which is where the price is now and sell on the Higher Highs, back towards the bottom of the Channel. However, the next Higher High happens to be on the 1W MA200 (red trend-line), which is a critical long-term trend-line. A break above, turns the long-term price action bullish again and is a buy break-out signal towards the 1.16900 Resistance (1) which is also where the 1D MA200 (orange trend-line) is projected to be. Note that the 1D MA200 hasn't been touched since June 17 2021.
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Of course that was largely attributed to the fact that we spotted that (emerging at the time) Channel Up and the top on its Higher Highs trend-line was accurately projected. Now the 1D MA50 test happens to be also at the bottom (Higher Lows trend-line) of the Channel Up.
As I mentioned in December the weekly chart was largely oversold both in terms of RSI and CCI:
As today's chart displays, the 1W RSI in fact (note that the price action is on the 1D time-frame but the indicators below (MACD and RSI) are on the 1W) made a Double Bottom, rebounded and is still just above 40.000. That means that the uptrend still has room to grow. The 1W MACD also made the decisive Bullish Cross.
What does this mean for us now? Well, for as long as the Channel Up is valid, we should be buying on the Higher Lows, which is where the price is now and sell on the Higher Highs, back towards the bottom of the Channel. However, the next Higher High happens to be on the 1W MA200 (red trend-line), which is a critical long-term trend-line. A break above, turns the long-term price action bullish again and is a buy break-out signal towards the 1.16900 Resistance (1) which is also where the 1D MA200 (orange trend-line) is projected to be. Note that the 1D MA200 hasn't been touched since June 17 2021.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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👑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!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.