EURUSD Last low before a strong rebound?

The EURUSD pair has hit the 1D MA50 (yellow trend-line) for the second time this week and so far that is keeping it within the Channel Up of November. The 4H RSI however shows that it may be repeating the Double Bottom pattern of the first week of January and in that case could hit the Buy Zone again. When that happened then, the price made a Lower Low on January 06 before rebounding.

This Lower Low is our tolerance level of accepting a marginal break below the Channel Up and still maintain a bullish perspective. The short-term target is the 4H MA50 (blue trend-line) and if broken the medium-term target is the 1.10300 Resistance.

A closing below the Lower Lows will be bearish, targeting the top of Support Zone 2.


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