- September 6, 2022
- Posted by: Tradingshot Articles
- Category: Forex
The EURUSD pair got rejected today on the 4H MA50 (blue trend-line) after attempting to make a rebound within the 1.5 month Support Zone. The RSI and MACD patterns on the 4H time-frame are similar to the Bull Flag formation of July 19 – 27, where the RSI was inside a Channel Down and the MACD on a Bullish Cross. After a break above the 4H MA50, the pair eventually hit its 1.5 Fibonacci extension.
Our target, if the price closes above the 4H MA50 again, is the 1D MA50 (red trend-line), which is only slightly below the 1.5 Fib. On a different occasion, if the 0.98770 low breaks, expect a new Lower Low on the -1.0 Fibonacci extension as with the mid August drop.