EURUSD has made the 2nd major bullish break-out since breaking above the 4H MA50, as it broke today above the 4H MA200 (orange trend-line) for the first time since September 16. Check my Double Bottom idea on the RSI bullish divergence 15 days ago:
This is a major break-out and it restores the bullish sentiment on the medium-term (4H time-frame). A break above the 1D MA50 (red trend-line) should start restoring the bullish sentiment on the long-term as well.
Technically the RSI is approaching the October 19 High, which is where the price also made a Higher High at 1.16700. If rejected again on the 1D MA50, I expect the formation of a Channel Up and a pull-back towards the 4H MA100 (green trend-line), which is expected to support if the pattern is to hold. If 1.15800 (current Support) breaks though, expect flash selling towards 1.15220.
A closing on the 1D chart above the 1D MA50 (red trend-line), sets target at the 1.19100 Resistance long-term.
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This is a major break-out and it restores the bullish sentiment on the medium-term (4H time-frame). A break above the 1D MA50 (red trend-line) should start restoring the bullish sentiment on the long-term as well.
Technically the RSI is approaching the October 19 High, which is where the price also made a Higher High at 1.16700. If rejected again on the 1D MA50, I expect the formation of a Channel Up and a pull-back towards the 4H MA100 (green trend-line), which is expected to support if the pattern is to hold. If 1.15800 (current Support) breaks though, expect flash selling towards 1.15220.
A closing on the 1D chart above the 1D MA50 (red trend-line), sets target at the 1.19100 Resistance long-term.
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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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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
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.