The pair rose aggressively yesterday (4H RSI = 66.493) following the lower than expected ISM Manufacturing PMI and is testing today the 1.10910 - 1.11000 4H Resistance Zone. With the RSI near the 1 month peak, we are expecting a rejection towards the 1.09900 - 1.09800 4H Support Zone again.
The 4H MA200 is acting as a sell accumulation point (see the orange trend line) but attention is needed as a prolonged consolidation there and a sudden break above 1.11000 can form a Golden Cross towards the 1.11800 1D Resistance. Note that the heavy speculation for Friday's Nonfarm Payrolls can have that effect.
This doesn't alter our long term bearish outlook towards 1.08900 - 1.08440 as illustrated by the October 23 analysis below:
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The 4H MA200 is acting as a sell accumulation point (see the orange trend line) but attention is needed as a prolonged consolidation there and a sudden break above 1.11000 can form a Golden Cross towards the 1.11800 1D Resistance. Note that the heavy speculation for Friday's Nonfarm Payrolls can have that effect.
This doesn't alter our long term bearish outlook towards 1.08900 - 1.08440 as illustrated by the October 23 analysis below:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial