EURUSD 4H Golden Cross formed

EURUSD formed a Golden Cross onthe 4H time-frame (4H MA50 crossing above the 4H MA200). Trading within a short-term Channel Up (dashed trend-lines) this could be quite a development ahead of the Nonfarm Payrolls as last time a similar combination of patterns took place, was on April 15. That sequence extended the rise after the Golden Cross and the 4H MA50 (blue trend-line) supported the trend until just over the 0.618 Fibonacci retracement level from the previous top (Lower High) of the long-term Channel Down (blue channel, zoom out to see it).

At the moment the 0.618 Fib is at 1.20320. That is my medium-term target. See the longer-term outlook on 1D on the buy signal I posted last week:

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