- The market has been trading within a bearish channel since the end of December 2023, the medium-term trend is therefore bearish.
- Since the impact over 1.0700, buyers seem to have regained control of the market, taking prices close to the upper limit of their bearish channel.
- Although no significant break of any significant resistance has yet occurred, the fact that the market is now trading above its two moving averages combined with the fact that the RSI broke-out its bearish trend line tend to announce a upcoming invalidation of the bearish trend on the market.
If this were to be confirmed, in particular by crossing the 23.6% Fibonacci at 1.0800, then this would unlock new upward targets towards 1.0868, 1.0920 then 1.0970 by extension.
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