EURUSD Close to the best buy opportunity since May.

Aug 14, 2023

The EURUSD pair is staging the strongest long-term buy opportunity, the kind of which we saw last time on our May 30 bottom buy idea (see chart below):

As you can see that was the most optimal Higher Low buy entry inside the (then) Channel Up pattern, a formation which we've modified since into the pattern you see on today's analysis.

The price recently failed to close above the 4H MA200 (green trend-line) and eventually broke and closed on Friday below the 1D MA50 (blue trend-line) for the first time since July 05. The downtrend is approaching the bottom (Higher Lows trend-line) of the long-term Channel Up pattern. An ideal technical bottom would be upon the completion of a -4.11% decline (as in May) and (near) test of the 1D MA200 (orange trend-line), which has been untouched since November 30 2022.

In any case the R/R ratio is good enough for a buy even now. An additional strong buy indication would be if the 1D RSI hits the 33.00 Support. That was when the bottoms of February 24 and May 31 were formed.

Our long-term bullish target is 1.14000, preferably on the 0.786 Fibonacci Channel level or the Internal Higher Highs trend-line.

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