The EURUSD got sold-off heavily after the price broke inside the 4H MA200 (orange trend-line) - 1D MA50 (red trend-line) Zone as we pointed out in our previous analysis:
As you see, the sell signal couldn't have been timed more perfectly and now the price sits comfortably well below its 4H MA50 (blue trend-line). As mentioned previously, the medium-term pattern is a Bearish Megaphone (since the August 10 High) and as you see, every prior bearish leg to a new Lower Low, had a 'relief' rebound towards the 4H MA50 shortly after breaking it. The first did so right before hitting the 0.618 Fibonacci retracement level, the second right before the 0.786. Right now the price has marginally broken below the 0.618. We may be at an ideal spot for a quick short-term buy and reverse to selling on the 4H MA50 again. This is invalidated if the price closes above the 4H MA200.
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As you see, the sell signal couldn't have been timed more perfectly and now the price sits comfortably well below its 4H MA50 (blue trend-line). As mentioned previously, the medium-term pattern is a Bearish Megaphone (since the August 10 High) and as you see, every prior bearish leg to a new Lower Low, had a 'relief' rebound towards the 4H MA50 shortly after breaking it. The first did so right before hitting the 0.618 Fibonacci retracement level, the second right before the 0.786. Right now the price has marginally broken below the 0.618. We may be at an ideal spot for a quick short-term buy and reverse to selling on the 4H MA50 again. This is invalidated if the price closes above the 4H MA200.
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, 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 me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
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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.