- March 10, 2023
- Posted by: Tradingshot Articles
- Category: Forex
The EURUSD pair reached the first target of our long-term trading plan within this multi-month Channel Up:
Going back to the 4H time-frame in order to formulate some short-term planning, we see the price now testing Resistance 1 (1.06990) that has already multiple rejections since February 20. The 4H MA200 (orange trend-line) is right ahead of it and makes this Zone a strong Resistance Cluster.
Even though the long-term trend is bullish, we have to account for the possibility of a short-term rejection back to the 4H MA50 (blue trend-line) and the 0.236 Channel Fib, especially with the 4H RSI entering the overbought zone, before targeting Resistance 2 (1.0840). The ultimate target on this sequence is 1.1000, right on the 0.618 Channel Fib and below Resistance 3 (1.10300).