The pair started developing a new Markup, as we forecasted last time (see link below). This happened after the price managed to break out above the Accumulation range, as postulated by the Wyckoff Method.
Due to the strengthening of the dollar, the price is likely to continue appreciating in the near future, though the correction could fall as low as the 61.8 per cent Fibonacci retracement level beforehand.
Several factors substantiate the expectations for future gains. The Bollinger Bands are tightening, which indicates diminished adverse volatility for the time being.
Meanwhile, the underlying bearish momentum is waning, as indicated by the MACD indicator. Finally, all of this happens as the price action is consolidating above the 38.2 per cent Fibonacci retracement level.
Due to the strengthening of the dollar, the price is likely to continue appreciating in the near future, though the correction could fall as low as the 61.8 per cent Fibonacci retracement level beforehand.
Several factors substantiate the expectations for future gains. The Bollinger Bands are tightening, which indicates diminished adverse volatility for the time being.
Meanwhile, the underlying bearish momentum is waning, as indicated by the MACD indicator. Finally, all of this happens as the price action is consolidating above the 38.2 per cent Fibonacci retracement level.
