EURUSD 1st 1W MACD Bearish Cross in 6 months! Bearish.

The EURUSD pair is declining on a rapid pace and this is a good time to update our sell perspective that we shared with you 3 weeks ago (see chart below):


This time we transition onto the 1W time-frame in order to gain a more efficient long-term understanding of the trend. The biggest development has been the completion of a 1W MACD Bearish Cross on last week's closing. This is the 1st such formation in 6 months (since the week of August 07 2023) and every time it happened in the past 12 months, the downtrend was extended for at least another 3 weeks.

Technically we are on the new Bearish Leg of the 1-year Channel Down, below the 1W MA50 (blue trend-line), having started with a clear rejection on the 1W MA200 (orange trend-line). Practically, the 1W MA100 (green trend-line), has been the Support since the November 06 2023 candle, having closed all 1W candles above it. Basically since April 2023, it has acted as such on numerous occasions.

As a result, our medium-term Target remains 1.06500 and then only a 1W candle close below the 1W MA100 would make us take a new sell and target 1.0500, which is the top of the 2-year Support Zone.


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