The Ibex initially fell during the course of the day on Monday, but found enough support near the €11,150 level to turn things back around and form a bit
The Ibex initially fell during the course of the day on Monday, but found enough support near the €11,150 level to turn things back around and form a bit of a hammer as we closed towards the top of the session range. If we can break above the €11,350 level, we feel that this market will then go to the €11,550 level. Pullbacks at this point in time will be short-term pullbacks and nothing more. We believe eventually the market will break out, but we may need to grind sideways for a little bit before we can take off to the upside.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
