On the weekly timeframe we can now start to the see the long wick spiked rejections that have been occurring for 3 consecutive weeks now, as the price has attempted to break below the 0.7400, although failed. This suggests that there could be a slowdown in market momentum with the potential pressure being released by the sellers. The pair had consolidated for a period of time on the Daily timeframe, stuck within the channel that was highlighted last week. We can now see a strong break and closure above and could expect the continuation to occur.
Having now broken the initial 0.74500 resistance we could keep an eye out for a retest of this level before the price rebounds and looks to target the higher price points of 0.7500 and 0.75500. The pair has now confirmed a new Higher High and therefore we could expect some form of retracement to recover in price, before starting the new leg to the upside.
Copyrights: EverythingFX
Having now broken the initial 0.74500 resistance we could keep an eye out for a retest of this level before the price rebounds and looks to target the higher price points of 0.7500 and 0.75500. The pair has now confirmed a new Higher High and therefore we could expect some form of retracement to recover in price, before starting the new leg to the upside.
Copyrights: EverythingFX