Shorting the market may require a strong determination, as recent trends show resilience. Despite forming shooting stars in February and March, the market continues to push above them, indicating underlying strength. It is advisable to approach with caution and avoid heavy investments until a clear trend emerges.
Resistance levels are significant, with hurdles up to the 0.80 and possibly 0.81 levels based on past price movements. Further upside movement may require considerable effort. The market has experienced a substantial uptrend, suggesting a potential pullback as it seeks to establish value. This currency pair is heavily influenced by risk appetite, a factor to consider when making trading decisions.
Stay updated on economic events by referring to the economic calendar. This information was originally published on FX Empire.