EURUSD Channel Up calls for pullback first, rebound later.
EURUSD got rejected on a Rising Resistance after Wednesday's rebound at the bottom of a newly formed Channel Up.
This rejection calls for a sell with the MA50 (4h) is supporting.
Trading Plan:
1. Sell when the RSI (4h) crosses under the MA line.
2. Buy when the RSI (4h) hits the Rising Support.
Targets:
1. The RSI (4h) Rising Support. We estimate that to be within 1.07200-1.07000.
2. 1.07900 (the Rising Resistance).
Tips:
1. The RSI (4h) is trading inside its own Channel Up. Use it as an additional metric for buying low / selling high.
2. Buying extensions can be justified only over Resistance (1) and more importantly the MA200 (4h).
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Notes:
Past trading plan:
This rejection calls for a sell with the MA50 (4h) is supporting.
Trading Plan:
1. Sell when the RSI (4h) crosses under the MA line.
2. Buy when the RSI (4h) hits the Rising Support.
Targets:
1. The RSI (4h) Rising Support. We estimate that to be within 1.07200-1.07000.
2. 1.07900 (the Rising Resistance).
Tips:
1. The RSI (4h) is trading inside its own Channel Up. Use it as an additional metric for buying low / selling high.
2. Buying extensions can be justified only over Resistance (1) and more importantly the MA200 (4h).
Please like, follow and comment!!
Notes:
Past trading plan:
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