As I've posted on my end-of-the-year EURUSD analysis, the pair was neutral on the 1D time-frame and had very structured targets in case of a break-out but more importantly OVERSOLD on the 1W time-frame and had clearly formed a bottom that favored a bullish break-out and instructed traders to act accordingly:
As it turned out, the bullish break-out happened and my short-term target of 1.1440 has already been achieved. In doing so, EURUSD broke above both the 1.13860 medium-term Resistance, closed above the 1D MA50 (blue trend-line) for the first time since September 15 but more importantly, the Lower Highs trend-line that has been holding since June 01, the most recent High of the market.
Right now I see two possibilities on the short and long-term but overall I remain bullish:
1) There is a Channel Up since the November 24 Low, and today the price has hit the Higher Highs trend-line. As long as this pattern stands, it is likely to see a rejection and pull-back towards its bottom. If the 1D MA50 (blue trend-line) holds, it will turn into the long-term Support that the pair needs in order to break above the 1W MA200 (red trend-line).
2) If the Channel Up breaks, the price will face the major Resistance of the 1W MA200 (red). A weekly close above it, will confirm a bullish break-out and shift to the long-term bias towards Resistance 1 at 1.1690 and the 1D MA200 (orange trend-line), which by that time should be around that level.
Among all these, notice how the 1W MACD is forming a Bullish Cross.
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As it turned out, the bullish break-out happened and my short-term target of 1.1440 has already been achieved. In doing so, EURUSD broke above both the 1.13860 medium-term Resistance, closed above the 1D MA50 (blue trend-line) for the first time since September 15 but more importantly, the Lower Highs trend-line that has been holding since June 01, the most recent High of the market.
Right now I see two possibilities on the short and long-term but overall I remain bullish:
1) There is a Channel Up since the November 24 Low, and today the price has hit the Higher Highs trend-line. As long as this pattern stands, it is likely to see a rejection and pull-back towards its bottom. If the 1D MA50 (blue trend-line) holds, it will turn into the long-term Support that the pair needs in order to break above the 1W MA200 (red trend-line).
2) If the Channel Up breaks, the price will face the major Resistance of the 1W MA200 (red). A weekly close above it, will confirm a bullish break-out and shift to the long-term bias towards Resistance 1 at 1.1690 and the 1D MA200 (orange trend-line), which by that time should be around that level.
Among all these, notice how the 1W MACD is forming a Bullish Cross.
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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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🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
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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.