More declines ahead for the Fiber
Hello traders,
Finally after a long period of trading range, the pair has broken to the downside and closed below 1.11 for the first time since 2017.
The primary catalyst for that move was a less dovish Fed who cut rates for the first time since 2008 but surprised the market with a less dovish tone than anticipated, disappointed bulls and finally gave up 1.11 level.
As I previously stated about the head and shoulders, the pair broke the neckline around 1.119 and is now going towards the projected target which is around 200 pips below 1.119 , and that's the 1.10 figure which is also the support line of the falling wedge.
The bear trend has clearly resumed and we can expect support around 1.1060 followed by 1.1030 and 1.10
Good luck
Finally after a long period of trading range, the pair has broken to the downside and closed below 1.11 for the first time since 2017.
The primary catalyst for that move was a less dovish Fed who cut rates for the first time since 2008 but surprised the market with a less dovish tone than anticipated, disappointed bulls and finally gave up 1.11 level.
As I previously stated about the head and shoulders, the pair broke the neckline around 1.119 and is now going towards the projected target which is around 200 pips below 1.119 , and that's the 1.10 figure which is also the support line of the falling wedge.
The bear trend has clearly resumed and we can expect support around 1.1060 followed by 1.1030 and 1.10
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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