EURUSD close to 1st 1D MA50/100 Bullish Cross since June 2020!
Important development for EURUSD which after a strong 2 month rally (April - May), it is close to forming an MA50/ MA100 Bullish Cross on the 1D time-frame. Last time that pattern emerged was on June 16, 2020 and after a pull-back to the 0.618 Fibonacci retracement level, the price formed a bottom and rallied to the 1.5 Fibonacci extension level.
That rally formed the new Higher High of the 2-year Channel Up that the pair has been trading in. Assuming that the new 1D MA50/100 Bullish Cross forms the new bottom, then the price can rally at least towards the 1.5 Fib extension, which is now a little over 1.26500, and that would still be below the Higher High trend-line of the Channel Up.
Former EURUSD idea:
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That rally formed the new Higher High of the 2-year Channel Up that the pair has been trading in. Assuming that the new 1D MA50/100 Bullish Cross forms the new bottom, then the price can rally at least towards the 1.5 Fib extension, which is now a little over 1.26500, and that would still be below the Higher High trend-line of the Channel Up.
Former EURUSD idea:
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> CryptoSurfer007
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