Last December investors were not treated to any sort of Santa rally. In fact the first trading day of the month last December was the start of a major sell off. Will history repeat itself? Is the Santa rally dead?
Trade Idea The medium term bias remains bullish. Price action continues to trade around the all-time highs. There is no sign that this bullish momentum is faltering but the pair has stalled close to a previous swing high of 8450. A break of support at 8395 should lead to a more aggressive move lower towards 8310. Although the anticipated move lower is corrective, it does offer ample risk/reward today. Expect trading to remain mixed and volatile.