In the period between January 15 – January 20, Bearish closure and persistence below 1.2160 was achieved. This helped to abort the ongoing bullish momentum.

Quick bearish movement was allowed to pursue towards 1.2050 as well as 1.2000 which failed to apply sufficient bullish pressure.

Lack of bullish momentum has been clear since then. That’s why, we were waiting for a bearish continuation Pattern.

However, a recent bullish spike has pursued above 1.2150 – 1.2175 (backside of the broken channel limit) where bearish rejection was previously anticipated.

Further bearish decline was expected to pursue towards 1.1960 and 1.1850 which was tested earlier Today.

Either a Short-term bullish movement would be expressed for a rapid re-test around 1.1970-1.2000 (Fibonacci levels) or further bearish continuation would pursue towards 1.1720 and 1.1688 in the short-term.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.