EURUSD: Neutral ready to breakout either way.

Sep 23

EURUSD remains marginally neutral on its 1D technical outlook (RSI = 55.284, MACD = 0.003, ADX = 28.089) as it remains supported on the 4H MA50. At the same time it is bearish below the R1 level, which forms so far a Double Top. If the price crosses above it, we will turn bullish aiming at the 1.5 Fibonacci extension (TP = 1.13000). If the price crosses under the 4H MA200, we will turn bearish aiming at the S1 level (TP = 1.10000).

The 1D RSI is crossing under its MA trendline, which suggests that a bearish move is more likely, similar to every time this took place since June.

See how our prior idea has worked out:

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