Exactly that happened!
The former resistance @ 1,08 turned into a .
Today we see the dip to the breakout Level. The consolidation of the last shortterm move 1,04-1,09 can reach till it s Minimum correction Level (38,2 fibo ) @ 1,07405. The Pair should not fall much deeper than that Level to underline my breakout Szenario.
I illustrate a possible Long Position. I have placed the SL a bit under the 0,5 fibo. (Pease adjust the sl to your personal maney Management)
The exspected up-move could slow down if the pair will reach the 0,618 fibo retracement (1,2-0,965)
A sustainable break of the breakout Level will destroy the up-momentum and the chart.
A worst case dip to the longterm uptrendchannels bottom edge (1,053) should than be exspected
blue: preferred Szenario
Grey: alternative exspectation
former Analysis: PAIR @ MoB - Longterm target @ 1,17! The pair reached ist resistance @ the former valid "2". A bit higher are based the & 200 as strong resists. If the pair could reach that Level, a retest of the breakout-Level should be exspected. Trading above These moving averages and that MoB-Level generate a BIG Long-Signal with target @ 1,17