EURUSD testing the 1W MA50. First time since May 2020! IMPORTANT

Quick update on the EURUSD pair as today's selling pressure is pushing the price towards the 1W MA50 (blue trend-line), a level that has been intact since late May, 2020. It is important ahead of Friday's Nonfarm Payrolls report to maintain a long-term perspective and see what direction we should follow based on the outcome of that test.

As you see on the chart, since May 2017, every 1W candle closing above or below the 1W MA50 has essentially been a trend setter.

* On May 01, 2017 the 1W candle closed above the 1W MA50 and changed the trend to bullish for the next 1 year.
* On May 14, 2017 the 1W candle closed below the 1W MA50 and changed the trend to bearish for the next 2 years.
* On June 24, 2019 and December 30, 2019 the 1W MA50 was tested but the candles closed below, maintaining the bearish trend.
* On May 25, 2020 the 1W candle closed above the 1W MA50 and changed the trend to bullish for the 1 year Bull Phase we are currently in.

So as you realize, the closing on the current 1W candle is critical and Friday's Nonfarm Payrolls should have a heavy impact on it.

What do you think will happen this time? Will EURUSD close the 1W candle above or below the 1W MA50?



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