The price of this currency pair has been characterized by an uneven movement in recent months, which is accompanied by strong collapses and equally strong growth spikes. However, we can still say that since the fall of 2020, the price has been in an uptrend.
The main lines of this trend are the resistance formed in October and the support formed in November 2020. However, there is another resistance line between them - the older one, which appeared in September last year.
In the first week of January, the price touched the resistance line 127.48, reversed from it in the fall, broke through the resistance line 126.50 and stopped only at the support 125.14.
From this point, the price started a new growth, during which it broke through the support zone 126.12 and fixed on it. This gives reason to expect continued growth. And I expect that now the price will continue to rise and come to the resistance line 126.86.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
@Lingrid, @TradingAlchemist, @vescomilkov, @Solldy, This idea had failed. I am surprised to see this idea considering @Lingrid, had posted the GBPUSD going down at the same time as posting this idea. GBPUSD and EURJPY have a positive correlation so one of the two ideas was doomed to fail and as we can see this one had failed because the GBPUSD so far is working out.
vescomilkov
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@Helena_FX, Indeed Helena your observation is also somewhat valid only time will tell if @Lingrid channel and upward momentum are correct. Nice to see alternative views defended by vigour.
vescomilkov
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Well I hope Lingrid can still be correct ...touch down and bounce off the 125.30 level then up in the 126.50 + channel