EURUSD: Rebound expected after the Higher Low. Long.

The 1D Channel Up made a Higher Low at 1.1352 on Friday (RSI = 47.251, MACD = 0.000) and should now technically start rebounding towards a new Higher High, which at this time is limited to 1.16230. This is because that's where the 1W Channel Down is expected to make Lower High and reverse. Attention is needed however as if the 1D Channel Up breaks the previous low (1.1315) then 1W may not settle for a new Lower High and continue declining instead at least towards the 1W bottom and November low of 1.1215. Technically the long term trend remains bearish and every rise within those channels should be sold. Until however 1.1315 breaks, we will be buying on the short term this expected bullish 1D leg with a moderate TP = 1.14870, based purely on the previous Fibonacci sequence showing a rise towards 0.786 Fib followed by a drop to 0.236 Fib.







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