EURUSD Best sell signal on a 6 week basis.

EURUSD remains within the 6 week Channel Down pattern and with today's analysis we are basically updating our February 01 outlook (see chart below):


Our area of focus now is the zone which the 4H MA50 (blue trend-line) and 4H MA100 (green trend-line) form. This is depicted on the chart by the red circle and as you see it has formed every Lower High of the Channel Down since January 11. In fact all of them were priced after they touched the 4H MA100.

Right now we have only the 4H MA50 breach, but if you cost average your positions effectively, it is good enough to go on a new short-term sell again and target near Support 2 at 1.06650. That represents a -1.42% decline from a potential 4H MA100 Lower High, the minimum decline we've had on a Bearish Leg within the Channel Down. Note that the 4H RSI Rectangle can be used as an additional indicator for buying and selling.


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