EURUSD 4H MA50 and 1H MA50 controlling the trend

The EURUSD has been trading within a Channel Down since February 03 and today failed to close above the 4H MA50 (blue trend-line) yet again. This is added to a series of failed attempts and it maintains the bearish monthly trend.

A closing above the 4H MA50 should be enough to restore the bullish trend-line and in that case we will target the Fibonacci retracement levels up to the 4H MA200 (orange trend-line) which is our medium-term target.

Every time the price closes below the 1H MA50 (red trend-line) though, the new bearish leg of the Channel Down starts, so if it happens again, we will take the loss and take a short again targeting the 1.05300 Low.


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