• Bullish trend on the short term
• Fundamentals point to a bearish trend long term
• From a technical perspective:
• Pair is trading near the 50% retracement level of March and the critical horizontal resistance at 1.1980-90
• Next target upside is the 61,8% level near 1.2030
• Falling wedge breakout is causing prices to rise
• In my opinion, if prices keep on rising, the last target of the bulls will be the trend line connecting Jan and March highs around 1.21
• Fundamentals point to a bearish trend long term
• From a technical perspective:
• Pair is trading near the 50% retracement level of March and the critical horizontal resistance at 1.1980-90
• Next target upside is the 61,8% level near 1.2030
• Falling wedge breakout is causing prices to rise
• In my opinion, if prices keep on rising, the last target of the bulls will be the trend line connecting Jan and March highs around 1.21
Ramzi Abou Abdallah, CFTe, CMT
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♦️ t.me/accu_trading