EURUSD Bottom formation in progress. Strong Buy.

12月16日

The EURUSD pair has been trading within a nearly 2-year Channel Down. Being below the 1D MA50 (blue trend-line) since October 02 2024, this is technically still the pattern's Bearish Leg.

However, having bottomed on November 22 and transitioned into a (dotted) Channel Up, this is the technical bottom formation of the long-term Channel Down and the rise following a 1D MACD Bullish Cross from such a low level (the lowest in 2 years), confirms that.

The similarities with both previous bottom formations (September - October 2023 and February - March 2023) are obvious, all of them triple bottomed before rebounding above the 0.786 Fibonacci retracement level.

As a result, buying now and targeting 1.08765 (Fib 0.618) is an excellent long-term trade in terms of R/R.

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