Technical
Weekly: The selloff from the double top formation has been completed achieving a measured move target of 2.5580. Buyers re-surfaced close to the 50% Fibonacci retracement (2.6280)and a correction higher has resulted.This weeks’ price action has been positive and a higher correction is expected once 2.8780 is breached.
Daily: A classic reverse head & shoulder pattern looks to be forming and the reaction higher from the daily ichimoku cloud has solidified this view. The measured move target for the formation is 3.1800.
Action: We look to buy at 2.7600 or a break of 2.8800
Stop: 2.7000
Targets: 3.0000 & 3.1800
Article produced by Pia First for Orbex Limited
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