EURUSD hit the 1day MA200! Support or bearish break out?
EURUSD hit today the 1day MA200 for the first time since August 2nd and its 1day RSI turned oversold for the first time since April 16th.
That is a very bearish development but market exhaustion and the need for a relief rally may hit the price just like it did on the August 25th 1day MA200 test.
We remain bearish as per our last trading plan but any rebound near the 1day MA50 will be an opportunity to open additional sells.
The target is intact at 1.07700 (Fibonacci 0.618).
Previous chart:
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That is a very bearish development but market exhaustion and the need for a relief rally may hit the price just like it did on the August 25th 1day MA200 test.
We remain bearish as per our last trading plan but any rebound near the 1day MA50 will be an opportunity to open additional sells.
The target is intact at 1.07700 (Fibonacci 0.618).
Previous chart:
Follow us, like the idea and leave a comment below!!
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