EURUSD Immediate Sell

This is basically a quick update on the EURUSD pair on our analysis 4 days ago, as the projected rejection on the 4H MA50 (blue trend-line) eventually took place:


As you see, the price hit the 4H MA50 and eventually got rejected following the U.S. CPI release yesterday. Fundamentals aside, this largely confirms the technical recurring pattern that the price has followed within this Bearish Megaphone pattern since the August 10 top, where every Lower Low leg after it hits the 0.786 - 0.618 Fibonacci retracement level, it makes a short rebound to the 4H MA50, only to be rejected and eventually make a new Lower Low within the Megaphone. As you see on the chart, those previous legs have been from Aug 10 - Aug 23 and Sep 12 - Sep 28. Even the 4H RSI sequences are similar.

This gets invalidated if the price breaks above the 4H MA200 instead.



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