EURUSD Time to turn bullish again.

The EURUSD pair has almost hit the sell target that we set on last week's analysis (see chart below):


This is an update to that idea as the price is now not only approaching the bottom of the 9 month Channel Up but also the 1D MA200 (orange trend-line), having the 1D MA50 (blue trend-line) as a Resistance.

Being only a few pips before completing the -4.11% decline of the previous Lower Low correction in May, it is worth booking any sell profit and turn bullish again for the long-term. If you want to wait some more however, the last buy condition will be fulfilled when/ if the 1D RSI hits the 33.00 Support, where it rebounded on both the May 31 and February 24 lows.

As far as our target is concerned, we aim at the 0.786 Fibonacci retracement level - Internal Higher Highs Zone at 1.14000. That would also complete +5.50% rise, similar to April's Higher High.

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