EURUSD Excellent long-term reward if you sell here.

20 ส.ค.The EURUSD pair has broken above its 1W MA200 (orange trend-line) for the first time in more than 1 year (since the week of July 17 2023). With this move it entered the (red) Resistance Zone of the practically Rectangle pattern that it has been trading in for more than 1.5 years.

Technically, the above conditions offer a great opportunity to sell for the long-term as during this time, the pair has been rejected here two times and once on the absolute Resistance 2 level (1.12750).

As a result we will use two short positions on EURUSD, aiming to close them on profit at the end of the year. All prior rejections hit at least the 0.786 Fibonacci retracement level, so our Target will be slightly above it at 1.06650. From all angles, this opportunity offers solid Risk/ Reward conditions.

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