- March 23, 2022
- Posted by: Tradingshot Articles
- Category: Forex
The EURUSD pair has been trading within a short-term Channel Up on the 4H time-frame. The RSI moving sideways within roughly 65.00 – 40.00 is setting up the pace, where we can sell on the Resistance the Higher Highs and buy on its Support the Higher Lows of the price. Basically right now the price is trading within the 0.5 and 0.236 Fibonacci retracement levels so a potential rejection on the 4H MA200 (orange trend-line) could turn the price sideways.
A break above the 4H MA200 would be a bullish break-out signal, targeting the 1.14850 – 1.14950 Resistance Zone, while a break below 1.0960 would be a bearish break-out signal targeting the 1.08050 Support.