EURUSD Long-term Sell Signal confirmed.

2. Sept.The EURUSD pair confirmed with last week's closing the start of a new bearish sequence as it closed the 1W candle in deep red below even the 1W MA200 (orange trend-line). This established not only the previous High as the top (Higher Highs trend-line) of the 11-month Channel Up but also posted an identical long-term Top sequence as the July 17 2023 weekly candle.

As you can see on both tops a long-term series of red weeks was initiated, both of then stopping on the Higher Lows trend-line of the Channel Up. As a result, our 1.0900 medium-term bearish Target appears to be a modest one as it is where we anticipate the first wave of buyers (Support) on the 1W MA50 (blue trend-line) 1W MA100 (green trend-line) cluster. This may provide a bounce similar to February 12 2024.

As a side-note, notice how the 1W RSI posted a similar rejection - reversal top on the 70.00 overbought barrier, same as July 10 2023.

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