EURUSD: Above the 1D MA200 2.5 months.

14 nov. 2023

The EURUSD pair reacted extremely positively on the lower than expected U.S. CPI, naturally so and crossed over the 1D MA200 for the first time since September 1st. The 1D technical outlook is almost overbought (RSI = 69.156, MACD = 0.004, ADX = 16.674) and even though some relief pullback is to be expected, this rally should complete by the end of the month a +5.55% rise from the bottom. This is our short term target (TP = 1.10215), which is at the top of the Channel pattern.

See how each bullish leg rises on a 1D RSI HL trendline and is almost of the same range (+5.55% and +5.98%). Technichally, if no bullish fundamentals distort this pattern, the pair should get rejected there and pull back to S1 (TP = 1.0655) early in January.

See how our prior idea has worked:

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