EURUSD : THE END OF THE BEARISH TREND?
- The market has been trading within a bearish channel since the end of December 2023, the medium-term trend is therefore bearish.
- Since the impact over 1.0700, buyers seem to have regained control of the market, taking prices close to the upper limit of their bearish channel.
- Although no significant break of any significant resistance has yet occurred, the fact that the market is now trading above its two moving averages combined with the fact that the RSI broke-out its bearish trend line tend to announce a upcoming invalidation of the bearish trend on the market.
If this were to be confirmed, in particular by crossing the 23.6% Fibonacci at 1.0800, then this would unlock new upward targets towards 1.0868, 1.0920 then 1.0970 by extension.
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Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- Since the impact over 1.0700, buyers seem to have regained control of the market, taking prices close to the upper limit of their bearish channel.
- Although no significant break of any significant resistance has yet occurred, the fact that the market is now trading above its two moving averages combined with the fact that the RSI broke-out its bearish trend line tend to announce a upcoming invalidation of the bearish trend on the market.
If this were to be confirmed, in particular by crossing the 23.6% Fibonacci at 1.0800, then this would unlock new upward targets towards 1.0868, 1.0920 then 1.0970 by extension.
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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