107.900 level was attempted to be broken downward several times. Prices are around a strong support zone which contains the hypothetical low of the year (The real low is 104.830 due to the gigantic 400 pips fall of January 2nd followed by a massive reversal to the concerned zone). The odds of an upcoming bull run are average to low. Market has been ranging for a while, in preparation of an eventual volatility.
Possible targets : @109.180 (+80pips), @110.000 (+160 pips) and @110.500 (+210 pips).
Advice : Stay bullish and buy at any low point while we don't break the support zone or 107.900 bottom level. We are close to the bottom level and markets are ranging so the risk is low.
Correlated pairs : CADCHF (92.9%), XTIUSD (89.3%) and XAUUSD (-79.7%).
We are more likely to experience a ranging market near its bottom as with the CADCHF and XTIUSD. XAUUSD is spiking, therefor this increases the odds of a retest of the bottom levels of the inversely correlated pairs.
Possible targets : @109.180 (+80pips), @110.000 (+160 pips) and @110.500 (+210 pips).
Advice : Stay bullish and buy at any low point while we don't break the support zone or 107.900 bottom level. We are close to the bottom level and markets are ranging so the risk is low.
Correlated pairs : CADCHF (92.9%), XTIUSD (89.3%) and XAUUSD (-79.7%).
We are more likely to experience a ranging market near its bottom as with the CADCHF and XTIUSD. XAUUSD is spiking, therefor this increases the odds of a retest of the bottom levels of the inversely correlated pairs.
Trade closed: stop reached:
The bearish trend resumed, the price back to the support zone. Bear are putting so much pressure that we are more likely to test the low of the year.