EURUSD: Two sell signals for the medium term.

18 בינו׳

EURUSD is bearish on the 1D timeframe (RSI = 35.647, MACD = -0.002, ADX = 40.063) as it maintains the declining trend since the December 28th High and the pattern that prevailed has been a Channel Down.

Ahead of a 4H Death Cross, the 4H RSI is rising after being oversold two days ago on a technical Bullish Divergence that looks very much like the one that started on the previous LL and the one on December 7th. If the price crosses under the Channel Down bottom, it will be a bearish signal and we will short aiming at a -2.24% decline (TP = 1.07550). If the Channel Down stays intact, the Bullish Divergence should push it higher towards its middle trendline (approximately +1.00% rise) where we will short more comfortably and aim for a -1.40% decline (TP = 1.08050).

See how our prior idea has worked out:

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