EURUSD major break above the 4H MA200, 1st time since SeptemberEURUSD has made the 2nd major bullish break-out since breaking above the 4H MA50, as it broke today above the 4H MA200 (orange trend-line) for the first time since September 16. Check my Double Bottom idea on the RSI bullish divergence 15 days ago:
This is a major break-out and it restores the bullish sentiment on the medium-term (4H time-frame). A break above the 1D MA50 (red trend-line) should start restoring the bullish sentiment on the long-term as well.
Technically the RSI is approaching the October 19 High, which is where the price also made a Higher High at 1.16700. If rejected again on the 1D MA50, I expect the formation of a Channel Up and a pull-back towards the 4H MA100 (green trend-line), which is expected to support if the pattern is to hold. If 1.15800 (current Support) breaks though, expect flash selling towards 1.15220.
A closing on the 1D chart above the 1D MA50 (red trend-line), sets target at the 1.19100 Resistance long-term.
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