EURUSD: Buy opportunity on the 1D Lower Low.

7 mar 2019

The pair suffered a strong sell off on two very bearish 4H candles, hitting our previous target in the process (https://www.tradingview.com/chart/EURUSD/i4fJsfqs-EURUSD-Sell-opportunity-within-the-1D-Channel-Down/), but rendering at the same time 4H oversold (RSI = 23.843). Despite caused by fundamentals (ECB announcing further stimulus, delaying hikes) this decline was technically expected on the 1D time frame as the 1D Channel Down (RSI = 33.261, MACD = -0.002, Highs/Lows = -0.0087, B/BP = -0.0133) priced its Lower Low (either on 1.1206 or a bit lower at 1.1180). This present an optimal long opportunity, on course for the Channel's next Lower High. We have two longs with two different targets: TP1 = 1.12900, TP2 = 1.13500 (this target will be pursued with the SL on break even once 1.1290 is achieved).


See below our previous studies successfully calling the Highs and Lows on this 1D Channel Down:

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