The EURUSD pair is under the 1D MA50 for the third straight day, turning oversold on the 1D time-frame (RSI = 40.326, MACD = -0.002, ADX = 27.225). This is adding extra sellig pressure on the price with S1 being the first support on its way to lower trading levels.
The Fibonacci retracement levels are particularly useful on this price action and assuming the pattern is a Channel Up since the September bottom, we reach the conclusion that a crossing under S1, will push the price to 0.236 Fibonacci and S2 where the 1D MA100 will offer relief and potentially the first wave of buyers. The second wave will be seen if S2 breaks, on the 1D MA200, that happens to be on the exact bottom of the Channel Up. We will buy heavily on those levels (1.0500 and 1.03500) assuming the 1D RSI turns oversold at 30.000, targeting R1 (TP = 1.0800) and then the upper Rs can follow.
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The Fibonacci retracement levels are particularly useful on this price action and assuming the pattern is a Channel Up since the September bottom, we reach the conclusion that a crossing under S1, will push the price to 0.236 Fibonacci and S2 where the 1D MA100 will offer relief and potentially the first wave of buyers. The second wave will be seen if S2 breaks, on the 1D MA200, that happens to be on the exact bottom of the Channel Up. We will buy heavily on those levels (1.0500 and 1.03500) assuming the 1D RSI turns oversold at 30.000, targeting R1 (TP = 1.0800) and then the upper Rs can follow.
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## 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.