InvestingScope

EURUSD: 4H MA200 bounce, currently 4H MA50 as Resistance

Long
FX_IDC:EURUSD   Euro / U.S. Dollar
Yesterday's buy is so far working out perfectly as EURUSD bounced exactly after touching the 4H MA200 (1.05278) and just hit the 4H MA50 (1.06355), which is the short-term Resistance. I am now booking my profit as it is substantial for one day and with the 4H technicals turning from oversold to neutral (RSI: 47.296, MACD: -0.002, ADX: 37.053), I will either buy upon a pull-back at 1.05380 or after a 4H candle closes above the 4H MA50.

Again, if the price closes below the 4H MA200, I will take that small loss and open a sell targeting the 1D MA50 (1.03843 and rising) which as I've mentioned many times is the long-term Support and buy entry for me. My attention fundamentally is on the FOMC Meeting Minutes today and more importantly the Non-farm Payrolls on Friday.

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