EURUSD close to 1st 1D MA50/100 Bullish Cross since June 2020!

٢٧ مايو ٢٠٢١

Important development for EURUSD which after a strong 2 month rally (April - May), it is close to forming an MA50/ MA100 Bullish Cross on the 1D time-frame. Last time that pattern emerged was on June 16, 2020 and after a pull-back to the 0.618 Fibonacci retracement level, the price formed a bottom and rallied to the 1.5 Fibonacci extension level.

That rally formed the new Higher High of the 2-year Channel Up that the pair has been trading in. Assuming that the new 1D MA50/100 Bullish Cross forms the new bottom, then the price can rally at least towards the 1.5 Fib extension, which is now a little over 1.26500, and that would still be below the Higher High trend-line of the Channel Up.


Former EURUSD idea:

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