Current situation is complicated for trading as well as for predictions. The problem is that the structure already has a full-scale upswing but at the same time it doesn’t have a break of the last high (1746.24).
This means that we have equal probability of either extension of growth to 1746.24 (black trajectory) or development of tangible downward correction in direction of the pivot-zone 1643.31-1659.21 (red arrow).
Local structure has a reversal bearish pattern Over&Under, therefore a more likely scenario now is downward reversal (red arrow). But, here we have the same issue! The pattern is very fragile. Bulls just need to break the 1718.39 high to cancel the downward direction (black arrow).
Let’s monitor. What else can we do?
Main scenario: Decline in direction 1700.00 and lower.
Alternative scenario: Break above 1718.39 and further growth in direction 1746.24.
Below 1718.39 - shorts to 1700.00.
Only from April 12, 2021, to May 14, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]
FortFS wishes all traders a Happy Chinese New Year! Only from February 8 to March 12, 2021, we reduce spreads for the 4 most popular trading pairs. New values*: EURUSDf: 0.8 GBPUSDf: 0.9 USDJPYf: 1.0 XAUUSDf: 3.5 *These values are valid only for FLEX accounts Hurry up to take advantage of the offer! Learn more about spreads: https://www.fortfs.com/clients/specifications