- April 14, 2021
- Posted by: Tradingshot Articles
- Category: Forex
Following my most recent EURUSD idea, the price has broken above not just the 4H MA200 (orange trend-line) but also the 1.0 Fibonacci level on the Channel Down. The most important development is the emergence of the Golden Cross (4H MA50 crossing above the 4H MA200), which is typically a bullish pattern. Last time however it only gave one last spike to the 1.382 Fibonacci extension and later failed. The one before (Golden Cross) though, was what kickstarted the December 2020 rally. The difference between the two was the 4H MA200, in late February it failed to hold, while in late November it succeeded.
So right now we should be expecting at least one last spike to the 1.382 Fib ext (roughly 1.20500) and if on the pull-back the 4H MA200 holds, then an extension towards the 2.0 Fib at least. If 1.382 is rejected though, then the Channel Down has more probabilities to resume its bearish course.
Most recent EURUSD idea:
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