EURUSD crossed under the 4hour MA50 and the downside can be more
EURUSD got rejected at the top of its multi month Channel Up and crossed today under the 4hour MA50 for the first time since the bullish break out of July 7th.
This pull back looks so far quite the same as June 22nd/23rd. The 4hour RSI almost got oversold as then.
If the 0.382 holds, we may see a Falling Wedge consolidation before the new leg up to the -0.618 Fibonacci extension.
If the 0.382 breaks, sell and target the 4hour MA200, which provided the rebound on July 6th. Buy there and target 1.12750.
Previous chart:
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This pull back looks so far quite the same as June 22nd/23rd. The 4hour RSI almost got oversold as then.
If the 0.382 holds, we may see a Falling Wedge consolidation before the new leg up to the -0.618 Fibonacci extension.
If the 0.382 breaks, sell and target the 4hour MA200, which provided the rebound on July 6th. Buy there and target 1.12750.
Previous chart:
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