EURUSD Under the MA50 (4h) after a month. Sell pressure weighs.
EURUSD crossed and closed today under the MA50 (4h) for the first time since November 1st.
That is a medium term sell signal as the former Support now turned into Resistance.
On the long term the Bullish Megaphone pattern has a considerable downside gap to fill should key Support levels break.
Trading Plan:
1. Sell on the first minor bounce near the MA50 (4h).
Targets:
1. 1.07850 (MA200 4h).
Tips:
1. The RSI (4h) trading inside a Channel Up and is about to turn oversold under 30.00. The last time it was oversold was on September 27th, when again it traded inside a Channel Down. The oversold condition caused an initial rebound to the MA50 (4h) which rejected the price to a new Lower Low. This is why we call for a sell of every bounce near the MA50.
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Notes:
Past trading plan:
That is a medium term sell signal as the former Support now turned into Resistance.
On the long term the Bullish Megaphone pattern has a considerable downside gap to fill should key Support levels break.
Trading Plan:
1. Sell on the first minor bounce near the MA50 (4h).
Targets:
1. 1.07850 (MA200 4h).
Tips:
1. The RSI (4h) trading inside a Channel Up and is about to turn oversold under 30.00. The last time it was oversold was on September 27th, when again it traded inside a Channel Down. The oversold condition caused an initial rebound to the MA50 (4h) which rejected the price to a new Lower Low. This is why we call for a sell of every bounce near the MA50.
Please like, follow and comment!!
Notes:
Past trading plan:
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Penafian
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