The pair has been testing this level again and again for four weeks now as you can see on the daily time frame, which makes me think that eventually it will succeed in breaking above that resistance.
In case it does break above the resistance the pair will continue rising towards 1.1530 - 1.1550, which is visualized by the green line of (EMA)89 on the weekly time frame. Of course, that is unlikely to happen today, since today is Friday and the market will close soon.
I am also considering one other thing – on the monthly time frame there is a visible possibility that the pair might rise to 1.2400, and why not even higher than that? Which begs the question - is the bearish trend that has lasted for two years now over? The market, of course, is the only thing that can answer that question.
I agree with your analysis.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteInteresting article.
ReplyDeleteGood post!
ReplyDeleteTaking note of key levels to keep track and follow up.
ReplyDeleteA small gap up.
ReplyDelete