The EURUSD pair has been consolidating under moderate pressure since the June 30 (weekly) High with its 1W RSI basically ranged since April 14.
We have seen this sequence of sideways 1W RSI trading after hitting the overbought (70.00) level another 3 times in the past 8 years. All of those times, the market priced a long-term Top there or shortly after.
In all instances, the first Target was the 1W MA50 (blue trend-line), with the price even going as low as the 0.382 Fibonacci retracement level.
If the Top this time was already priced in June, then we should be expecting a Target of at least 1.1200 on the medium-term, which would be a potential contact with the 1W MA50 and marginally above the 0.382 Fib.
-------------------------------------------------------------------------------
** 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. **
-------------------------------------------------------------------------------
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
We have seen this sequence of sideways 1W RSI trading after hitting the overbought (70.00) level another 3 times in the past 8 years. All of those times, the market priced a long-term Top there or shortly after.
In all instances, the first Target was the 1W MA50 (blue trend-line), with the price even going as low as the 0.382 Fibonacci retracement level.
If the Top this time was already priced in June, then we should be expecting a Target of at least 1.1200 on the medium-term, which would be a potential contact with the 1W MA50 and marginally above the 0.382 Fib.
-------------------------------------------------------------------------------
** 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. **
-------------------------------------------------------------------------------
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
👑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.
👑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.