In my opinion this breakout would open the way for a rally to 115+ and in the long term – 118+.
The closest resistance for the pair, however, is in the zone around 113.50 – 114.50. I think that the rally of the USD could reach that zone, but to overcome it the pair should form a correction that would test the trend line it broke out above.
In the alternative scenario the pair would begin a correction to test the breakout right now.
A good post with good insights into the situation.
ReplyDeleteThe pair seems unstoppable.
ReplyDeleteVery helpful analysis! Thank you for sharing!
ReplyDeleteImportant levels to keep in mind!
ReplyDeleteI'll watch those levels, thank you.
ReplyDeleteInteresting analysis, thanks.
ReplyDeleteI will keep eye on the pair.
ReplyDeleteGood insight.
ReplyDelete