Indeed, “the high of the cycle coincided with the price trough telling us the sub-cycle is in full force, which implies more recovery is likely” However, for that to occur, the price needs to take out the 140.48 pivot point, suggesting the most probable ultimate target for this short-term recovery would be near 141.10.” Bondar adds.
“However, the next week is most likely to be choppy, as despite the positive signals above, long-term charts are bearish and the large H&S on a continuation chart might become the dominant theme.” he warns.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.