EURUSD Few more weeks of bottoming out left. 1.1450 June target.
Last week's 1week candle closed marginally in green but basically it was flat as buyers and seller found an equilibrium. This is some times seen on market bottoms but we believe there are still a few more weeks left to this formation until it completely bottoms out and the reason is that based on the 1week RSI crossing under its MA and the MACD near making a Bearish Cross, it looks like the patterns after the August 2020 and September 2017 mid-rally Highs.
They both slightly crossed the 0.236 Fibonacci level but they didn't fully bottom out and resumed the rally until 9 weeks from the High. That will be on the 1st week of April on the current pullback.
Both the 2017 and 2020 patterns topped right on the -0.236 Fibonacci and that is our long term Target. It is priced at 1.14500.
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They both slightly crossed the 0.236 Fibonacci level but they didn't fully bottom out and resumed the rally until 9 weeks from the High. That will be on the 1st week of April on the current pullback.
Both the 2017 and 2020 patterns topped right on the -0.236 Fibonacci and that is our long term Target. It is priced at 1.14500.
Follow us, like the idea and leave a comment below!!
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