EURUSD Bullish break-out above 1D MA50. Buy the pull-back.

The EURUSD pair hit of the both targets (see chart below) we set on our recent idea (October 30):


The price broke and closed above the 1D MA50 (blue trend-line) for the first time since August 10, which is a major medium-term bullish break-out signal. The 1D MA200 (orange trend-line) is right above but technically after breaking Resistance 1 (1.07375), it eyes Resistance 2 next (1.09455).

The 1D CCI is on Higher Highs and this is consistent with the mid-rally consolidation on both of the previous rebound legs of the 2023 Megaphone pattern. In fact, every time the pair closed a 1D candle above the 1D MA50, it later pulled back on it to test it as a Support and resumed the rally. The eventual peaks have completed at least a +5.47% rise.

As a result, we are looking for a pull-back in order to buy again and target 1.1000 (less than +5.47% rise from the bottom).

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