EURUSD Ranged short-term, bullish long-term

The EURUSD pair has been trading within a Channel Up for 1.5 month (since the November 15 High). That was a pattern we spotted early on and helped at buying low and selling high.

In the past two weeks however, the price has been trading sideways within a 1.0670 - 1.05720 range, using the 4H MA50 (blue trend-line) as Pivot. As long as it holds this range, continue to scalp it and maximize the short-term profits.

A break below, targets the 4H MA200 (orange trend-line), exactly on the bottom (Higher Lows trend-line) of the Channel Up, which will be a buy opportunity. That, along with a break above the range, would target the 1.07925 Resistance (May 30 High), which has been for months, our long-term target.

A closing below the 4H MA200 though (daily), will be a sell opportunity, targeting the 1D MA50 (yellow trend-line), which is the long-term Support for EURUSD.

Notice that we are a day or two before the 1D MA50 crosses above the 1D MA200 (red trend-line) to form a Golden Cross on the 1D time-frame, which we covered in previous ideas. It will be the first 1D Golden Cross since June 26 2020.

Finally notice how the 1D MACD is currently bearish (marginally), favoring a short-term pull-back.



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