EURUSD: The picture is very clear on the 1w chart.
The EURUSD pair had been going up and down the 1w MA50 lately, being higly volatile especially after the Fed meeting last week.
This can be confusing on smaller time frames like 4h or 1h (even 1d) but on the 1w the situation is pretty clear technically.
The long term trend is bearish inside a Bearish Megaphone since 2017.
After a Channel Up pushed the price upwards, the pair tops when the 1w RSI forms Lower Highs.
Then when the price crosses under the 1w MA50, a strong downtrend begins, the previous two have been -22.80% and -15.65% respectively.
This time the Fed has distorted this but the effect shouldn't last for long.
This is a strong sell signal and the target can be any price within the 1.000 - 0.9500 range.
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This can be confusing on smaller time frames like 4h or 1h (even 1d) but on the 1w the situation is pretty clear technically.
The long term trend is bearish inside a Bearish Megaphone since 2017.
After a Channel Up pushed the price upwards, the pair tops when the 1w RSI forms Lower Highs.
Then when the price crosses under the 1w MA50, a strong downtrend begins, the previous two have been -22.80% and -15.65% respectively.
This time the Fed has distorted this but the effect shouldn't last for long.
This is a strong sell signal and the target can be any price within the 1.000 - 0.9500 range.
Follow, Like, Comment below!