EURUSD The road to recovery above 1.1000

22 בנוב׳ 2022

EURUSD was rejected last week on the 1D MA200 (orange line) and just below the 0.5 Fibonacci level. After the initial break above the Lower Highs Resistance of February 2022, it made the first bullish step for a long term recovery and established a new Higher Lows Support.

The RSI is overbought so a pull back to gather momentum and buyers near the 1D MA50 (blue line) and the Higher Lows Support is technically plausible. If successful, we expect a Higher High on the 0.618 Fibonacci level and Higher Low on the 0.382 Fibonacci level before finally reaching 1.1000 just below the 0.786 Fibonacci level.

If the pair manages to achieve the closing of a candle above the 1D MA200 first, then the recovery may be even more aggressive, targeting first the 0.618 Fibonacci then the 0.382 as a Higher Lows and eventually 1.1000.

Which path do you think it will follow?

Follow us, like the idea and leave a comment below!!