EURUSD: Is approaching the long term bottom. Buy signal.

٢٦ مايو ٢٠٢٣

EURUSD has been on a non-stop decline for the majority of the month crossing under both the 1D MA50 and 1D MA100. The price is attempting to naturally reach the lower levels of the long term Channel Up and with the 1D time frame technically almost oversold (RSI = 33.358, MACD = -0.005, ADX = 58.352), the conditions of a new long term buy emerge.

We will use a double entry buy strategy 1) on the current levels (price under S1 and above the dashed HL) and 2) near the bottom of the Channel Up at -4.50% from the top. Long term target near the top of the Channel Up (TP = 1.11500).

Prior idea:

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