Previously we have seen an inverted head & Shoulder pattern on this pair, this has now been confirmed and the neckline/resistance barrier of 132.00 has now held and been successfully broken and is currently trading at 132.362. I am expecting a slight pullback to 132.000 before making a push higher towards the 133.000 resistance level.
Reasons for this long trade:
Daily chart Head and shoulder pattern inverted. Daily clean break & closure above 132.000 Price is holding above 132.00 and has tapped the high of 132.500 8 MA crossover with the 21 MA Price is trading above the 200 EMA which shows bullish momentum and a new direction.