EURUSD 4hour MA50 supporting but sell if it breaks.
EURUSD had a strong rejection today just after it reached the 1.10075 Resistance A, formed by the May 10th High.
The price is supported by both the Rising Support B but more importantly the 4hour MA50.
As long as this holds, buy and target the Rising Resistance at 1.10500.
If it crosses under the 4hour MA50, sell and target Support Zone A, where you can buy back at 1.08350 for a long targeting 1.1000 (Resistance A).
Keep in mind that we are past a Golden Cross, a technically bullish formation.
However the 4hour RSI formed a Double Top (bearish formation) but has a clear Support Zone that is holding ever since the Rising Support B started.
Previous chart:
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The price is supported by both the Rising Support B but more importantly the 4hour MA50.
As long as this holds, buy and target the Rising Resistance at 1.10500.
If it crosses under the 4hour MA50, sell and target Support Zone A, where you can buy back at 1.08350 for a long targeting 1.1000 (Resistance A).
Keep in mind that we are past a Golden Cross, a technically bullish formation.
However the 4hour RSI formed a Double Top (bearish formation) but has a clear Support Zone that is holding ever since the Rising Support B started.
Previous chart:
Follow us, like the idea and leave a comment below!!
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