EURUSD: Bullish short term but foggy long term outlook.
EURUSD is neutral on the 1D timeframe (RSI = 52.933, MACD = -0.001, ADX = 25.234) as despite having made a clear bottom on October 3rd, a month has passed and still hasn't been able to close over the 1D MA50. In fact (including today), it has been rejected three times and despite crossing it, it failed to close the 1D candle above it.
The two medium term rallies prior to October (March and June) have been far more aggressive but the duration has been similar on both (48-50 days). The 1D MACD Histogram along with comparing where the price is, relative to the previous rallies (0.618 Time Fibonacci level), shows that technically there might not be much time or room for the price to move upwards.
Nevertheless, with the formation of the 4H Golden Cross, which has delivered a Higher High on both previous rises, a closing over the 1D MA50, will be a buy signal for us, targeting the R1 level (TP = 1.07375). Beyond that we can't be very optimistic for the pair.
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The two medium term rallies prior to October (March and June) have been far more aggressive but the duration has been similar on both (48-50 days). The 1D MACD Histogram along with comparing where the price is, relative to the previous rallies (0.618 Time Fibonacci level), shows that technically there might not be much time or room for the price to move upwards.
Nevertheless, with the formation of the 4H Golden Cross, which has delivered a Higher High on both previous rises, a closing over the 1D MA50, will be a buy signal for us, targeting the R1 level (TP = 1.07375). Beyond that we can't be very optimistic for the pair.
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## Comments and likes are greatly appreciated. ##
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