EURUSD: Still bullish but 1D MA50 pullback eyed.

7 nov 2023

EURUSD hit all of our targets (charts at the bottom), made a HH at the top of the Channel Up but even though it crossed above the R1 level (1.07375) it failed to close over it and got rejected. The trend remains bullish on the medium term, as the 1D technical outlook suggests (RSI = 58.604, MACD = 0.001, ADX = 24.656) but we do expect a technical pullback to test the strength of the 1D MA50.

If the trend has indeed shifted from bearish to bullish, then the pair should close the 1D candles from now on over the 1D MA50. Additionally, the 1D RSI's HL trendline can offer Support. We are expecting a rebound around 1.06300, targeting the 1D MA200 and a new HH on the Channel Up (TP = 1.07900).

See how well our prior idea has worked:

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