EURUSD: Short term buy opportunity but still bearish long term.
EURUSD has hit our previous targets set on the trading strategy shown below:
The 1D Channel Down broke aggressively to the downside (RSI = 30.873, MACD = -0.004, ADX = 52.518, Highs/Lows = -0.0058) and reached the 1.08900 Support on the 1W time frame. If this level breaks, then we may see a local bottom on the 1.08440 May 11th 2017 low.
According to the the RSI though, we are on Support levels both on the 1D chart (Double bottom on the September 01 2019 low) as well as the 4H chart where it is on a bullish divergence.
As seen on the right hand side of the chart frame, every time the 4H RSI made a bullish divergence around those levels, that was a bottom and a rise of around +1% followed.
As a result we give more probabilities to a short term rebound towards 1.0988 - 1.10000 at the moment. If however the 1.08440 May 11th 2017 low breaks, then the long term 1M Channel Down (2 year bearish trend) will most likely make a Lower Low at 1.07500.
Note that this is a continuation of a series of accurate tracking of the price action based on the RSI pattern and the long term bearish trendlines of the 1M Channel Down, as you can see on our previous calls below:
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Comments and likes are greatly appreciated.
The 1D Channel Down broke aggressively to the downside (RSI = 30.873, MACD = -0.004, ADX = 52.518, Highs/Lows = -0.0058) and reached the 1.08900 Support on the 1W time frame. If this level breaks, then we may see a local bottom on the 1.08440 May 11th 2017 low.
According to the the RSI though, we are on Support levels both on the 1D chart (Double bottom on the September 01 2019 low) as well as the 4H chart where it is on a bullish divergence.
As seen on the right hand side of the chart frame, every time the 4H RSI made a bullish divergence around those levels, that was a bottom and a rise of around +1% followed.
As a result we give more probabilities to a short term rebound towards 1.0988 - 1.10000 at the moment. If however the 1.08440 May 11th 2017 low breaks, then the long term 1M Channel Down (2 year bearish trend) will most likely make a Lower Low at 1.07500.
Note that this is a continuation of a series of accurate tracking of the price action based on the RSI pattern and the long term bearish trendlines of the 1M Channel Down, as you can see on our previous calls below:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial