EURUSD Golden Cross on 4H. Potential long-term target = 1.2550
This is a quick update on EURUSD on its price action on the 4H time-frame. The biggest development is the formation of a Golden Cross (the 4H MA50 (blue trend-line) crossing above the 4h MA200 (orange trend-line), which is a technical bullish pattern. It is the first time that a 4H Golden Cross is formed since November 11, 2020.
If we look at the past 12 month price action, we see four Golden Crosses on the 4H chart (see the charts on the right):
* The Nov 11, 2020 Cross delivered a +4.40% rise from the time it was formed.
* The October 21, 2020 delivered a fake signal as the price had already topped and made a new low 10 days after.
* The May 21, 2020 Cross delivered a +3.80% rise.
* The March 04, 2020 delivered a +3.50% rise.
As you realize, there are more chances for a 4H Golden Cross based on the 12 month historic volatility, to initiate a bullish run. Assuming it posts the lowest +3.50% rise, then the next High could be a little over 1.2550.
That is not at all unrealistic based on EURUSD's dominant long term pattern which is a Channel Up, as shown on my Feb 03 post below:
Shorter-term charts on EURUSD posted recently that you may find useful are the following:
Please like, subscribe and share your ideas and charts with the community!
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If we look at the past 12 month price action, we see four Golden Crosses on the 4H chart (see the charts on the right):
* The Nov 11, 2020 Cross delivered a +4.40% rise from the time it was formed.
* The October 21, 2020 delivered a fake signal as the price had already topped and made a new low 10 days after.
* The May 21, 2020 Cross delivered a +3.80% rise.
* The March 04, 2020 delivered a +3.50% rise.
As you realize, there are more chances for a 4H Golden Cross based on the 12 month historic volatility, to initiate a bullish run. Assuming it posts the lowest +3.50% rise, then the next High could be a little over 1.2550.
That is not at all unrealistic based on EURUSD's dominant long term pattern which is a Channel Up, as shown on my Feb 03 post below:
Shorter-term charts on EURUSD posted recently that you may find useful are the following:
Please like, subscribe and share your ideas and charts with the community!
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> SocialCryptopreneur
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