As per our last analysis (see the chart at the end of this text) EURUSD was rejected on the 1D MA200 near the 1.1200 barrier and is on a strong 2 day decline currently reaching the 1.10645 4H Support (RSI = 30.287, MACD = -0.001, Highs/Lows = -0.0062).
As seen on the 4H chart, the RSI is on oversold territory and has more probabilities on the short term to rebound back above 60.000, effectively pushing EURUSD back within 1.1120 - 1.1140 before a stronger decline towards the 1.10645 1D Support. We are closely monitoring also for the formation of a 4H Death Cross.
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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As seen on the 4H chart, the RSI is on oversold territory and has more probabilities on the short term to rebound back above 60.000, effectively pushing EURUSD back within 1.1120 - 1.1140 before a stronger decline towards the 1.10645 1D Support. We are closely monitoring also for the formation of a 4H Death Cross.
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