{"id":12024,"date":"2022-05-31T08:26:19","date_gmt":"2022-05-31T08:26:19","guid":{"rendered":"https:\/\/tradingshot.com\/?p=12024"},"modified":"2023-05-10T08:28:44","modified_gmt":"2023-05-10T08:28:44","slug":"eurusd-hit-the-top-of-its-4-month-channel-down","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2022\/05\/31\/eurusd-hit-the-top-of-its-4-month-channel-down\/","title":{"rendered":"EURUSD hit the top of its 4 month Channel Down"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>The EURUSD pair has been trading within a Channel Down pattern since early February. This was clearly analyzed two weeks ago on the idea below where the 1D RSI Bullish Divergence (Higher Lows against the price&#8217;s Lower Lows) helped us take the best possible buy trade:<\/p>\n<div class=\"tv-embeded-image\"><a class=\"js-embeded-chart-image tv-embeded-image__link\" title=\"EURUSD 1D MA50 test possible. Then re-evaluate.\" href=\"https:\/\/www.tradingview.com\/chart\/EURUSD\/iiLqsF2B-EURUSD-1D-MA50-test-possible-Then-re-evaluate\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"js-image-lazy-load\" src=\"https:\/\/s3.tradingview.com\/i\/iiLqsF2B_big.png\" alt=\"EURUSD 1D MA50 test possible. Then re-evaluate.\" \/><\/a><\/div>\n<p>The price not only broke and closed above the 1D MA50 (blue trend-line) yesterday for the first time since February 17, but also reached the top (Lower Highs trend-line) of the Channel Down, which as you see happens to be exactly on the 0.382 Fibonacci retracement level.<\/p>\n<p>Technically, today&#8217;s rejection is justified as the new Lower High of the pattern. If the price breaks and closes below the 4H MA100, I expect the bearish trend within the Channel Down to be extended and go for a Lower Low near the -0.236 Fibonacci extension.<\/p>\n<p>Even if it breaks though above the Channel Down, I believe that a confirmed break-out buy can be done only above the 1.09450 2 month Resistance level, which happens to be on the 0.5 Fib retracement level and just below the 1D MA100 (green trend-line). In this case, we can target the 1D MA200 (orange trend-line) on a short-term trade.<\/p>\n<p>P.S. Notice also the 1D RSI Resistance level of 62.30. A break above it may possibly indicate the shift from long-term bearish to a long-term bullish trend.<\/p>\n<p>Tradingview link:<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/chart\/EURUSD\/nlphuG0r-EURUSD-hit-the-top-of-its-4-month-Channel-Down\" target=\"_blank\" rel=\"noopener\">https:\/\/www.tradingview.com\/chart\/EURUSD\/nlphuG0r-EURUSD-hit-the-top-of-its-4-month-Channel-Down<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The EURUSD pair has been trading within a Channel Down pattern since early February. This was clearly analyzed two weeks ago on the idea below where the 1D RSI Bullish Divergence (Higher Lows against the price&#8217;s Lower Lows) helped us take the best possible buy trade: The price not only broke and closed above<\/p>\n","protected":false},"author":611,"featured_media":12025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1637],"tags":[],"class_list":["post-12024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex"],"_links":{"self":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/users\/611"}],"replies":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/comments?post=12024"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12024\/revisions"}],"predecessor-version":[{"id":12027,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12024\/revisions\/12027"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/12025"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=12024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=12024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=12024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}