- The market trades above a bullish trendline since the 19th of April ; The short-term trend is bullish
- Since the bullish acceleration that lead the market to a 5-months high, prices have registered a sharp pull-back.
This bearish correction took the market back to the double support zone : trendline + 50% Fibonacci level.
The Ichimoku indicator still displays a bullish environment : the Kijun line hasn't been broken and remains bullish while the cloud gets thicker.
- Despite the sharp bearish price action that took place since the impact below 104.959, this situation doesn't threaten the bullish trend so far.
The quick reaction of buyers over the 50% zone, below the trendline, contributed to keep the bullish trend alive.
With that in mind, a market rebound to 103.060, 104.959 and beyond stays as the most likely scenario.
Pierre Veyret, Technical Analyst at ActivTrades
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.
- Since the bullish acceleration that lead the market to a 5-months high, prices have registered a sharp pull-back.
This bearish correction took the market back to the double support zone : trendline + 50% Fibonacci level.
The Ichimoku indicator still displays a bullish environment : the Kijun line hasn't been broken and remains bullish while the cloud gets thicker.
- Despite the sharp bearish price action that took place since the impact below 104.959, this situation doesn't threaten the bullish trend so far.
The quick reaction of buyers over the 50% zone, below the trendline, contributed to keep the bullish trend alive.
With that in mind, a market rebound to 103.060, 104.959 and beyond stays as the most likely scenario.
Pierre Veyret, Technical Analyst at ActivTrades
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.