The price of the pair is presently trading at levels that are not all that much higher than the price levels that were just recently attained for the first time since 2002, which were located around 0.9600.
These price levels have not been reached for the first time since 2002. The favorable repercussions that might result from this bode well for its prospects in the medium run. This high of a level has never been observed before in all of human history's records.
As a direct result of this, there have been recent indications of a bullish rebound, in particular in the neighborhood of such a substantial psychological support.
It was predicted that there would be a bearish rejection at the nearest supply level, which was situated around 1.0200, and that this would result in a short-term SELL Entry. This would be the case.
A second negative dip that was designed to test the price levels in the approximate vicinity of 0.9500 has just concluded. This decrease was directly caused by this, and it has now stopped.
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The price action at the level that corresponds to the position of the bottom border of the present moving channel has showed a considerable amount of bullish energy.
This energy has been demonstrated in the form of a significant amount of bullish momentum. At this juncture, the initial bullish goal, which was located at around 1.0100, was very close to being reached.
On the other hand, a robust BUY opportunity should be deemed to exist once there is a sudden drop in price that puts it closer to the level of 0.9520. This should be considered to be the case whenever there is a quick reduction in price.
As a result of this, every single one of these retreats need to be seen as an opportunity to purchase the underlying asset. This is due to the fact that the bearish retreat that has already taken place is likely to take place before the bullish continuation pattern arrives.
This is the rationale behind why things are the way they are.