EURUSD Has started to turn into a buy opportunity

30 thg 5, 2023

Last week, as well as two weeks ago (see charts below) we called for a sell continuation on EURUSD after the 1D MA100 (green trend-line) broke and called for a 1.0700 target:

The target was reached and as you see the price hit the Inner Higher Lows trend-line of the long-term Channel Up, similar to the Low of February 24. At the same time, on a perfect act of symmetry, the 1D RSI also hit the 33.20 level, as on February 24 and is rebounding. The bullish break-out confirmation will come when the 1D RSI closes above its MA. It is not impossible to see a Triple Bottom on a bearish slope (i.e. slightly Lower Low) as on March 15, but the pair is now entering its Buy opportunity stage.

Our long-term target is now the top of the Channel Up at 1.11350.

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