EURUSD Critical 4H MA50 closing

The EURUSD pair seems to be inside a Head and Shoulders (H&S) pattern similar to that of mid-February. The big difference is that in February the Right shoulder rejection took place on the 4H MA50 (blue trend-line), while now the candle broke above it. It has already closed on 4H candle above the MA50 and the 2nd one is of high essence.

One more closing above the 4H MA50 will turn the pair bullish again, targeting the 4H MA200 (orange trend-line) potentially on a Fib 0.382 contact (1.07150).

A closing below the 4H MA50 should extend the correction as it did in February on the 1.382 Fibonacci extension (1.05400 Target).


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