EURUSD formed the first 4H Death Cross in 4 months.

Oct 7

The Double Top on EURUSD last time we mentioned it (September 23, see chart below) worked perfectly and followed its technical bearish bias as not only did the price got rejected but also broke below the 1D MA50 (blue trend-line) and marginally the bottom (Higher Lows trend-line) of the May's Channel Up:

At the same time, the pair just completed its first Death Cross on the 4H time-frame in almost 4 months (since June 14) and every time in the past 2 and more years (except June 14) that it made that formation, it gave a solid medium-term (at least) sell signal.

As a result, there is no reason to diverge from the 1.08350 bearish Target, which as with the February 14 Low, it is on the 0.618 Fibonacci retracement level.

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