Following the , it has reached the upside target and moved higher. Now the question is how far can it go.
The uptrend has been clearly established since EDG/USD is printing higher highs and higher lows and broke above the strong resistance area around $7.5. On a following corrective wave down Edgeless moved back to test the uptrend trendline and the 200 Moving Average, both of which have been rejected.
All these facts suggest that trend is bullish and is likely to continue.The upside target is seen at $1.6, that is 227.2% Fibonacci retracement level applied to the corrective wave after the resistance breakout. This target goes inline with the extended ascending channel upper trendline.
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Move up started
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nice rally
Trade closed: target reached
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Resistance being rejected, so could potentially correct down