EURUSD Strong buy signal after a long time

EURUSD has hit (and marginally broken) the Lower Lows trend-line of the June Channel Down. There is a strong buy signal emerging after quite some time but the one main condition is that the price should always close 1D candles inside the Channel. As long as it does and given that the RSI just hit its 6 month Support Zone, it is more likely for the pair to bounce back towards the Lower Highs trend-line (top) of the Channel Down and the 1D MA50 (blue trend-line) towards 1.1590.

There is one possibility to even break above the Channel and test the 1.1690 short-term Resistance due to so far repeating (to a certain extent) the July - August fractal. The price then made a Double Top on the 1.19100 (long-term) Resistance following an RSI Double Bottom on the Support Zone. The Double Top was above the 1D MA50 and if the pattern is replicated again it will be above the 1D MA50.


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