EURUSD Correction not over. 1D MA50 on sight at least.
The EURUSD pair closed yesterday below its 4H MA50 (red trend-line) and is practically confirming the bearish short-term trend. Only a week after the 1D Golden Cross (MA50 crossing above MA200), the price is now eyeing the 1D MA50 (blue trend-line) for a test that would be the first since November 04 2022.
A similar structure following a 1D Golden Cross was last seen on June 2020, when the pair was recovering from the COVID crash. On that sequence, the 1D RSI was again on Higher Lows and the price was pulling-back after hitting the 2.0 Fibonacci extension. However it didn't break the 4H MA50, but did complete the pull-back on the 1.382 Fibonacci extension.
On the current pattern, the 1.382 Fib as on 1.03050, exactly where the 1D MA200 (orange trend-line) currently is. A correction of this magnitude would put EURUSD even below the 1D MA50. That is why the best buy confirmation would be after a Higher Low on the 1D time-frame, but on average, buying on the 1D MA50 seems solid from a risk management perspective.
In any case, the pair remains bullish long-term, targeting the 3.0 Fibonacci extension at 1.1200.
We got the exact bottom and all upper break-outs on our September 26 2022 analysis. Always keep a long-term perspective and profit from the big trend and reversals as we on Tradingshot do:
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A similar structure following a 1D Golden Cross was last seen on June 2020, when the pair was recovering from the COVID crash. On that sequence, the 1D RSI was again on Higher Lows and the price was pulling-back after hitting the 2.0 Fibonacci extension. However it didn't break the 4H MA50, but did complete the pull-back on the 1.382 Fibonacci extension.
On the current pattern, the 1.382 Fib as on 1.03050, exactly where the 1D MA200 (orange trend-line) currently is. A correction of this magnitude would put EURUSD even below the 1D MA50. That is why the best buy confirmation would be after a Higher Low on the 1D time-frame, but on average, buying on the 1D MA50 seems solid from a risk management perspective.
In any case, the pair remains bullish long-term, targeting the 3.0 Fibonacci extension at 1.1200.
We got the exact bottom and all upper break-outs on our September 26 2022 analysis. Always keep a long-term perspective and profit from the big trend and reversals as we on Tradingshot do:
-------------------------------------------------------------------------------
** 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 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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