EURUSD Ultimate buy on the 1D MA50 but bullish nonetheless

It has been 2 months since we called for a long-term buy on EURUSD at the bottom of the Channel Up on our March 07 analysis, targeting 1.06800 and 1.10300 in extension:


Both targets have been hit and as the 1D RSI is posting a price action similar to November - December 2022, this pattern becomes again more relevant than ever. This RSI fractal initiated a pull-back on January 02 near the 1D MA50 (blue trend-line) and on the 1W MA50 (red trend-line), which was the first test of that trend-line as a Support (successful) since it was a long-term Resistance for one and a half year.

The price has been trading within a smaller Channel Up inside the 0.382 - 0.618 Fibonacci levels and only if we close a 1D candle below it, we will expect a 1D MA50 test. The long-term Support is the 1D MA100 (green trend-line) which supported EURUSD on the last Lows of March 08 and March 15. SO until the 0.382 Fib breaks, we will continue to target 1.11850 which is the Resistance 1 formed by the March 31 2022 High.

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