EURUSD Short-term Buy Signal at the bottom of the Channel.

FX_IDC:EURUSD   Euro / U.S. Dollar
The EURUSD pair is extending the bearish trend firmly within the borders of the 2-month Channel Down hitting in the process last week's target:

As you see, it failed to break above the 4H MA100 (green trend-line) so we didn't pursue Target 2. We are in a similar situation now, with the price again at the bottom of the Channel Down, while the 4H RSI is about to hit the oversold territory (sub 30.00). We take it again as a buy opportunity, targeting the 4H MA50 (blue trend-line) at 1.06300. As before, if the price breaks above the 4H MA100, we will re-buy and target 1.07200 (+1.44% rise).


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