© Dukascopy Bank SA
Pair has been recovering after a month long, 5000 pip sell off Since the first week of October. It has recovered approximately 50% of losses that occurred. As the mentioned sell off wasn't a one direction, smooth move all the way we could not employ Fibonacci retracements in our analysis. Pair ahs been slowing down lately and, though the medium term technicals point at further appreciation of the pair, the long term technicals point at the depreciation of the pair. Much weight o such probability is given by the Stochastic indicator which predicts turning points and at the moment is sending a sell signal.
© Dukascopy Bank SA