As it can be inferred from the chart, the price dropped massively last week. As a rule of thumb, after a massive impulsive move, a correctional move is needed. The price is currently sitting on a major zone of support and a valid bottom is being formed. Our overall bias remains bearish for this pair, but a short-term BUY opportunity is what we are eyeing. We are expecting for the price to keep rising and reach the area identified on the graphical illustration to complete the correctional move. 61.8% Fibonacci retracement level also lines up with the area of resistance that we are targeting.
Happy new trading week, everyone!
Happy new trading week, everyone!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.