Last December investors were not treated to any sort of Santa rally. In fact the first trading day of the month last December was the start of a major sell off. Will history repeat itself? Is the Santa rally dead?
The medium term bias remains .
Price action continues to trade around the all-time highs.
There is no sign that this momentum is faltering but the pair has stalled close to a previous swing high of 8450.
A break of support at 8395 should lead to a more aggressive move lower towards 8310.
Although the anticipated move lower is corrective, it does offer ample risk/reward today.
Expect trading to remain mixed and volatile.
Target 1: 8310
Target 2: 8275
Our favourite type of trades ;-)