EURUSD Channel Up on 4H. Buy Signal.

This is an update to last week's analysis where I highlighted the 4H MA50 (blue trend-line) as the key to a potential uptrend:


The price eventually did break above the 4H MA50 and as expected EURUSD posted a sustainable rebound. This sustainability is translated into a Channel Up pattern on this 4H time-frame. This pattern not only broke above the 4H MA50 but also above the 1.1640 Resistance. With the RSI still on Higher Lows, which was essentially for me in identifying this hidden bullish divergence, I am expecting a test of the 4H MA200 (orange trend-line) which has been intact since September 16. That is just below the 0.5 Fibonacci retracement level, so a closing above it, should restore the bullish bias on the medium-term too towards the 1.19100 Resistance.


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