- January 18, 2021
- Posted by: Tradingshot Articles
- Category: Forex
I want to post a quick notice on EURUSD where it just formed a Golden Cross (MA50 crossing above the MA200) on the 1W time-frame. That is the first time it forms this pattern since February 2018.
Even though this is in theory a Bullish Formation, for EURUSD on the 1W chart, it has been Bearish marking the top of the trend. On the February 05, 2018 1W candle it was formed exactly on the 1.25400 top, and the the pair started a 2 year decline that bottomed at 1.06300. Similarly on the December 30, 2013 1W candle, the Golden Cross was formed around 1.3900 and then after a Double Top 3 months later, the price sold off to 1.0500.
The RSI and MACD formations between the 3 are identical. Do you think the current Golden Cross on 1W will mark another top and cause a sell-off?
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