- The market has been trading above a bullish trendline since October 2023 ; The long-term trend was therefor bullish.
- At the end of March 2024, the market registered a bearish break-out of its long-term trendline, invalidating the bullish trend.
This situation took place as prices failed to register a new market high above 1.7342, before registering a new market low below 1.7026.
The RSI confirms the fact that sellers are in control as the indicator now evolves at the doors of the oversold zone.
The DMI indicators also demonstrates a surge in bearish pressure.
- The market is clearly in a corrective phase. With that being said, it is hard to assess the magnitude of that correction.
The 1.6850 level (50% Fibonacci) should be seen as a major support area, but the scenario of an extended correction towards 1.6740 and 1.6575 should not be totally excluded.
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.
- At the end of March 2024, the market registered a bearish break-out of its long-term trendline, invalidating the bullish trend.
This situation took place as prices failed to register a new market high above 1.7342, before registering a new market low below 1.7026.
The RSI confirms the fact that sellers are in control as the indicator now evolves at the doors of the oversold zone.
The DMI indicators also demonstrates a surge in bearish pressure.
- The market is clearly in a corrective phase. With that being said, it is hard to assess the magnitude of that correction.
The 1.6850 level (50% Fibonacci) should be seen as a major support area, but the scenario of an extended correction towards 1.6740 and 1.6575 should not be totally excluded.
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.