EURUSD Don't trust this short-term rebound for a second.

The EURUSD had a 2-day rise that almost touched the 4H MA50 (blue trend-line). This is the counter trend rebound towards the top (Lower Highs trend-line) of the 2 month Channel Down. The 4H MA50 hasn't been broken since September 20 but even if it does, we are far from turning bullish. As long as it remains below the 4H MA100 (green trend-line), it is a sell opportunity, targeting 1.03500 (bottom of Channel Down, above both the standard -2.34% decline and 2.0 Fibonacci extension).

Only a closing above the 4H MA200 (orange trend-line) can justify a bullish break-out (medium-term). The 4H RSI is forming the same kind of pattern it did on the last 4H MA100 rejection.

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