- December 2, 2020
- Posted by: Tradingshot Articles
- Category: Forex
Last time I showed why EURUSD was bullish both on the 1D time-frame (targets were 1.1900 and 1.2000) but perhaps more importantly on the 1W time-frame where the post March 2020 price action resembles that of the 2017 rise:
Right now I focus on the 4H chart, where despite of the wider (rough) Ascending Triangle and its dominant Higher Highs trend-line, we have a Channel Up. With the 4H MA50 supporting since November 04, we have a buy entry, but the most interesting feature is the fact that if the price tops where it did today (the Higher Highs trend-line), then the current sequence may repeat the November 09 pull-back to the 4H MA50 and the 0.50 Fibonacci retracement level.
This suggests that EURUSD isn’t bullish just on the long-term but on the medium-term also with a 1.2200 Target.
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