EURUSD: Is this 1W RSI Double Top something to worry about?
EURUSD is on the 3rd consecutive red 1W candle with 1W technicals turning neutral (RSI = 55.304, MACD = 0.015, ADX = 31.636) and 1D bearish. The bearish alarm comes from the 1W RSI, which declined after a Double Top. The very same Double Top emerged on December 14th 2020 and January 29th 2018.
Both were at the very tops of the price, with a HH trendline present to initiate the rejection. The price reached initially the 1W MA50 (which we project can be around 1.05500) and then started a long term decline of more than 1 year.
In contrast to the other two periods, this time the pair didn't form a 1W Golden Cross, which was formed exactly on the price Tops, and didn't break (naturally) over the 1W MA200. These two divergences from the prior models, may be enough to make the rally resume the bullish trend after next week. It is interesting however that both the current and the 2020 rally rose by 16%.
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Both were at the very tops of the price, with a HH trendline present to initiate the rejection. The price reached initially the 1W MA50 (which we project can be around 1.05500) and then started a long term decline of more than 1 year.
In contrast to the other two periods, this time the pair didn't form a 1W Golden Cross, which was formed exactly on the price Tops, and didn't break (naturally) over the 1W MA200. These two divergences from the prior models, may be enough to make the rally resume the bullish trend after next week. It is interesting however that both the current and the 2020 rally rose by 16%.
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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