EURUSD: Triple rejection on 4H MA200, 1D MA200 and Channel Down.

EURUSD turned neutral technically on the 1D timeframe (RSI = 49.576, MACD = -0.003, ADX = 24.613) for the first time since February 1st which was the previous LH of the two month Channel Down pattern. It hit today the 1D MA50 in the process and got just pips away from a 4H MA200 test, a trendline that has been intact as a Resistance for almost 1 month (since January 24th when it made a strong LH rejection).

This is a potential Triple Rejection (4H MA200, 1D MA200 and top of Channel Down). As long as the 1D technical outlook remains neutral, it favors the bearish trend. We are opening a short here, targeting the 1.236 Fibonacci extension (TP = 1.0661), which is a level that was hit on every LL inside this Channel Down.

See how our prior idea has worked out:


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