FXstreet.com (Barcelona) - The cross has bounced off today’s lows in the proximities of 0.9325, however, it remains framed within the major bearish trend initiated with August’s tops in the vicinity of 0.9910, falling since then.
In the view of A.L.Rasmussen, Chief Analyst at Danske Bank, “An initial dip below the 200-Day MA reached 0.9270 (31 October) before buyers returned to drive prices higher. However, the subsequent recovery stalled at 0.9545 (7 November) in the vicinity of the falling 50-Day MA, which has continued to cap rallies since then. Bears are gaining momentum once again as the market falls back under the 200-Day MA and the decline off the 0.9935 peak is expected to continue”.
The expert thus recommends selling around 0.9365 for an objective of 0.9185, with a stop at 0.9430
In the view of A.L.Rasmussen, Chief Analyst at Danske Bank, “An initial dip below the 200-Day MA reached 0.9270 (31 October) before buyers returned to drive prices higher. However, the subsequent recovery stalled at 0.9545 (7 November) in the vicinity of the falling 50-Day MA, which has continued to cap rallies since then. Bears are gaining momentum once again as the market falls back under the 200-Day MA and the decline off the 0.9935 peak is expected to continue”.
The expert thus recommends selling around 0.9365 for an objective of 0.9185, with a stop at 0.9430
