The EURUSD pair enjoyed a strong 2-week rally that is headed towards a direct 1W MA50 (blue trend-line) test. That has turned into the market's long-term Resistance since May and aligns perfectly with the previous two Head and Shoulders (H&S) patterns of EURUSD's 8-year cyclical sequence.
Both of those when they approached their 1W MA50 (September 2018 and September 2021), they reversed massively and hit not just the 1W MA200 (orange trend-line) but also the Pivot Zone. Those reversals completed the Right Shoulder of the H&S patterns and initiated the Bear Cycles aggressive Legs.
Even though the 1W MA100 (green trend-line) acted as a Support in late June, expect that to break and a potential 1W MA200 contact on the Pivot Zone can take place at 1.12000. On a side-note, notice also the 1W RSI pattern, which on all three sequences has been descending under Lower Highs.
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Both of those when they approached their 1W MA50 (September 2018 and September 2021), they reversed massively and hit not just the 1W MA200 (orange trend-line) but also the Pivot Zone. Those reversals completed the Right Shoulder of the H&S patterns and initiated the Bear Cycles aggressive Legs.
Even though the 1W MA100 (green trend-line) acted as a Support in late June, expect that to break and a potential 1W MA200 contact on the Pivot Zone can take place at 1.12000. On a side-note, notice also the 1W RSI pattern, which on all three sequences has been descending under Lower Highs.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
💰Join TradingShot Account Management | +20% monthly profit | Min. capital $30k | Excellent risk-management
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.