EURUSD: Sell the spike, under the 1D MA50 targeting 1.06110.

EURUSD is neutral on the 1D timeframe (RSI = 45.323, MACD = 0.002, ADX = 35.660), trapped inside the 1D MA200 and 1D MA50. We have grasped the bearish momentum ever since before the November 29th High, which as you see in the past ideas at the end, gave us the best short entry possible. Now with the Fibonacci retracement levels of the eleven month Channel Down even clearer and the RSI on the neutral zone where it gets sold, we have the opportunity to add an extra short position as close to the 0.382 horizontal Fibonacci as possible and target the 0.236 Channel Fibonacci (TP = 1.06110) like May 31st and September 14th.

See how our prior idea has worked:



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