EURUSD New Low is expected after the 1D MA50 breaks.

The EURUSD pair has had a strong rejection last time we looked at it on the 1D time-frame (December 28 2023, see chart below), getting rejected exactly on Resistance 1 (1.1151) towards the 1D MA50 (blue trend-line), which is so far holding:


This is basically an update to this. We are on the exact same moments as August 11 2023, May 12 2023 and February 13 2023 when the 1D MA50 broke to the downside and the price turned it into Resistance. On all occasions the last Higher Low of the Channel Up was tested. This is why we maintain our medium-term target at 1.07250 (Support 1).

Notice that the 1D RSI sequence is also similar to the August 2023 and February 2023 pre break-out consolidation (red circles).

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