- August 15, 2022
- Posted by: Tradingshot Articles
- Category: Forex
The EURUSD pair got rejected again on its 1D MA50 (blue trend-line) and the 0.5 Fibonacci retracement level yet again. This is the 3rd time that this sequence is being repeated within the Channel Down pattern that started following the February 10 high. We’ve outlined this potential in our last EURUSD analysis last week:
As you see on the chart, every time this rejection happened, the price made a Lower Low on a Fibonacci progression. First was -0.618 then -0.5. Technically it should be -0.382 turn, which is now at 0.96367. Notice also how accurately the 1D RSI got rejected on its 6 month Resistance Zone.
Technically, in order to buy, the 1D RSI should either hit its Support Zone, or the price needs to break above the 1D MA100 (green trend-line), in which case it will be a bullish break-out signal targeting the 1D MA200 (orange trend-line).