- June 13, 2022
- Posted by: Tradingshot Articles
- Category: Forex
The EURUSD pair has been trading within a Channel Down with our most recent analysis pointing to the importance of staying bearish last week as the price was testing the Lower Highs (top) trend-line of the pattern:
As you see the price got heavily rejected on the 0.382 Fibonacci retracement level and is already near the middle of the Channel. During the previous Lower High rejection (March 31 2022), the price traded on the Channel’s median before making a new Lower Low. We expect this trend to continue.
The only buy signals exist only if the 1D RSI hits its Buy Zone below the oversold 30.00 level as on March 07, April 28 and May 12, or if it breaks and closes a 1D candle above the 0.382 Fibonacci (1.07800), in which case it can target the 1D MA200 (orange trend-line).