Markets are currently prone to volatility and sudden increases in risk-off sentiment as we begin the fifth day of the Russian invasion of Ukraine.
I wrote in my previous forecast on 16th February that the key resistance level at $1.1368 looked very likely to be pivotal over the day. I thought that if we had gotten two consecutive higher hourly closes above $1.1368 after the London open, we would likely see the price continue to rise to at least $1.1418.
Markets are currently prone to volatility and sudden increases in risk-off sentiment as we begin the fifth day of the Russian invasion of Ukraine The technical picture shows that the price has gapped down over the weekend after the Euro, and other de facto “risk” assets, recovered on Friday as markets bounced back after the initial shock of the Russian invasion. It seems that the gap may be filled, at least to the key resistance level at $1.1202.
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