The EURUSD pair not only hit our 1.16550 Target on our last sell signal (February 24, see cart below) but also marginally broke below the bottom (Higher Lows trend-line) of the Megaphone pattern and more importantly the 1W MA50 (red trend-line) for the first time in exactly 1 year:
That was the market's long-term Support, the level that supported the Bull Cycle that just broke. Technically this is the transition to a new Bear Cycle and a 1W candle closing below the 1W MA50 would confirm it.
Structurally, the whole price action of the past 1 year is almost identical to the one in 2020/21. Even though in 2021 the 1W MA50 break-out took place before the bottom (Higher Low trend-line) test of the Megaphone, both the general price action, as well as the 1D RSI fractals are similar.
The fact that the latter is oversold short-term, justifies a quick rebound but that should technically be limited below the 1D MA50 (blue trend-line) and the 0.5 Fibonacci retracement level.
The first Target of the 2021 Bear Cycle before a serious consolidation took place, was the 1.618 Fibonacci extension. That is currently just below the 1.10000 mark, which is our medium-term Target.
---
** 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.
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
That was the market's long-term Support, the level that supported the Bull Cycle that just broke. Technically this is the transition to a new Bear Cycle and a 1W candle closing below the 1W MA50 would confirm it.
Structurally, the whole price action of the past 1 year is almost identical to the one in 2020/21. Even though in 2021 the 1W MA50 break-out took place before the bottom (Higher Low trend-line) test of the Megaphone, both the general price action, as well as the 1D RSI fractals are similar.
The fact that the latter is oversold short-term, justifies a quick rebound but that should technically be limited below the 1D MA50 (blue trend-line) and the 0.5 Fibonacci retracement level.
The first Target of the 2021 Bear Cycle before a serious consolidation took place, was the 1.618 Fibonacci extension. That is currently just below the 1.10000 mark, which is our medium-term Target.
---
** 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.
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.