Short

EURUSD: 4H MA100 rejection driving it back to 1.0450.

EURUSD got rejection last Friday on the 4H MA100, which maintains the Lower Highs order inside the Channel Down pattern that has almost completed three months of trading. Naturally, the 1D timeframe is bearish technically (RSI = 40.242, MACD = -0.006, ADX = 32.170) and will remain so for as long as the Channel Down holds. The 4H MA100 provided the rejection on September 20th but on August 30th it broke only to get rejected at the top of the Channel Down. So if a candle closes above it, we expect the top of the Channel Down to be the final sell entry level. In both events, our target is the S1 level (TP = 1.04500). Only a closing over the 4H MA200, reverses the long term bearish sentiment.

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