EURUSD Bottom formation in progress. Strong Buy.

5 วันที่ผ่านมา

The EURUSD pair has been trading within a nearly 2-year Channel Down. Being below the 1D MA50 (blue trend-line) since October 02 2024, this is technically still the pattern's Bearish Leg.

However, having bottomed on November 22 and transitioned into a (dotted) Channel Up, this is the technical bottom formation of the long-term Channel Down and the rise following a 1D MACD Bullish Cross from such a low level (the lowest in 2 years), confirms that.

The similarities with both previous bottom formations (September - October 2023 and February - March 2023) are obvious, all of them triple bottomed before rebounding above the 0.786 Fibonacci retracement level.

As a result, buying now and targeting 1.08765 (Fib 0.618) is an excellent long-term trade in terms of R/R.

-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇