EURUSD short/long-term. A break above 1.2010 can deliver 1.2400.

2020年11月24日

This is a cross time-frame study of EURUSD. Last time I talked about the importance of the 1 month profit taking zone of 1.1900 - 1.19200 and we've seen so far the selling accumulation of this level as it has been holding as Resistance for almost 2 months.

Th bright side on the short-term (1D chart on the left) is that the 1D MA50 is holding and as long as it does, the probabilities of breaking above 1.19200 and 1.2011 in succession are accelerating. Basically it has the role of the pivot. Below 1.17430 sellers can push it back to the 1.1610 Support.

On the longer-term though (1W chart on the right), the picture is clearly more bullish and is replicating the final stage of the 2017-Jan 2018 parabola. On that pattern when the (dashed) Lower Highs trend-line broke (orange circle), 1.2500 was reached. That sequence and the current parabola are fairly symmetrical, so if the Lower Highs trend-line (and 1.2011 Resistance) breaks, I expect a peak around 1.2400. The MACD is also similar.

Do you think EURUSD can go that high on the long-term?



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