EURUSD The 1D MA50 is the difference between bullish and bearish

The EURUSD pair gave us the best possible sell signal on our December 28 2023 idea (see chart below) as we sold exactly at the top, provided by the overbought 1D RSI:


We now shift our focus from the long-term to the medium-term as the price reached the bottom (Higher Lows trend-line) of the Channel Up and is consolidating around the 4H MA200 (orange trend-line) and within exactly the 4H MA50 (blue trend-line) as Resistance and the 1D MA50 (red trend-line) as Support.

The 4H RSI has printed an identical pattern with the December 08 -11 Higher Low formation and as long as the 1D MA50 holds, we are taking a short-term buy towards Resistance 1 at 1.11300. If the 1D MA50 breaks (candle closing below it), we will quickly take the loss and sell instead targeting Support 1 at 1.07250, which has always been our long-term Target.

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