EGLDUSD hit the 1W MA50 for the first time in 1 year!

Elrond (EGLDUSD) hit today its 1W MA50 (blue trend-line) for the first time since April 2022. If it manages to close a 1W candle above it, it will be a major buy signal. On top of that, the long-term pattern appears to be an Inverse Head and Shoulders (IH&S), which technically is a formation that emerges on market bottoms. As a result, if we get that 1W candle close above the 1W MA50, we will buy and our technical target will be the 2.0 Fibonacci level at 93.00.


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