EURUSD on a counter-trend rebound but still bearish long-term.

18 cze

The EURUSD pair isn't diverging from our original plan (June 04 idea, see chart below) and is extending the new Bearish Leg of the 6-month Channel Down:

Today it tested the 4H MA50 (blue trend-line) of a counter-trend rebound, which has take place during both previous Bearish Legs. The 1st time was +1.12% and the 2nd +1.50% that even broke above the 4H MA200 (orange trend-line).

Having formed the new 4H Bearish Cross last Friday (first since March 28), this rise is the final sell opportunity (technically) before a new Lower Low. Our Target remains more modest at 1.06040 (Support and previous Lower Low) but we will take profit earlier if the 1D RSI hits 30.00 first.

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