EURUSD: First time over the 1W MA200 since November 2021
EURUSD crossed today over the 1W MA200 for the first time since November 8th 2021. This more than 1.5 year wait comes as an incredibly strong long term bullish signal if the 1W candle closes over the 1W MA200. If it does, we will buy and target the R1 (TP1 = 1.13900) and R2 (TP2 = 1.15000).
If it doesn't, then expect a rejection as this is the top also for the Channel Up and the 1D timeframe is already overbought (RSI = 73.402, MACD = 0.006, ADX = 28.802). The RSI in particular is at the top of its Rectangle pattern which matches the price's Channel Up. Consequently if the candle closes under the 1W MA200, we will sell and target the 1D MA50 (TP = 1.09500).
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If it doesn't, then expect a rejection as this is the top also for the Channel Up and the 1D timeframe is already overbought (RSI = 73.402, MACD = 0.006, ADX = 28.802). The RSI in particular is at the top of its Rectangle pattern which matches the price's Channel Up. Consequently if the candle closes under the 1W MA200, we will sell and target the 1D MA50 (TP = 1.09500).
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial