EURUSD Rejected on 1W MA50. Pullback test of 1D MA50 possible.

6 thg 12, 2022

The EURUSD pair is trading inside a Channel Up, having established the 1D MA200 (orange line) as Support. The rejection on the 1W MA50 (red line) yesterday however can turn the trend downwards on the short term as the rally since late September may be in need of relief. The RSI is a testament to this as it has been trading sideways since Nov 11, unable to break above 70.00 while the price was inside the Channel Up.

We expect a rejection either now or on the 0.618 Fibonacci (1.07566) to the 1D MA50 (blue line). There is also a Higher Lows Support even lower than can sustain this uptrend long term. Be bullish long term but either buy more comfortably lower or scale the buys if it moves higher. Our target by March is the 0.786 Fibonacci (1.10887).

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