The EURUSD pair almost hit the 1.03470 Support and May 13 Low on Friday, held the level and see today a green 1D candle as the week started off. This is so far consistent with our view of 1 month ago:
As long as the price trades below the Lower Highs (top) trend-line of the Channel Down, the long-term bearish trend is preserved. Naturally however, the 1.03470 Support, which is so far a Double Bottom and if Friday is confirmed then Triple Bottom, needs to break in order to target the -0.236 Fibonacci extension as a new Lower Low.
With the 1D RSI on Higher Lows since April 28, we might have a big Bullish Divergence at hand, indicating bias of rising buy accumulation for the first time in months. The 1D MA50 (blue trend-line) and 4H MA200 (red trend-line) pose as the short-term Resistance levels, however ideally we would like to see a break above the 1.07865 Resistance, where the 1D MA100 (green trend-line) is, in order to confirm the trend shift from long-term bearish to bullish.
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As long as the price trades below the Lower Highs (top) trend-line of the Channel Down, the long-term bearish trend is preserved. Naturally however, the 1.03470 Support, which is so far a Double Bottom and if Friday is confirmed then Triple Bottom, needs to break in order to target the -0.236 Fibonacci extension as a new Lower Low.
With the 1D RSI on Higher Lows since April 28, we might have a big Bullish Divergence at hand, indicating bias of rising buy accumulation for the first time in months. The 1D MA50 (blue trend-line) and 4H MA200 (red trend-line) pose as the short-term Resistance levels, however ideally we would like to see a break above the 1.07865 Resistance, where the 1D MA100 (green trend-line) is, in order to confirm the trend shift from long-term bearish to bullish.
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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.