1.16 - 1.17 is the top of range set over the last 12 months. Before this 2017 surge, price pulled back twice (and rapidly) from that range. Now its up again, and when looking at the CFTC Commitments of Traders Reports, Speculators have rarely been so long (i.e. crowded on the same side of the trade). Surely a pullback is due any minute now. And yet... momentum is strong, and this can be seen by the slow, steady climb of the rally.
If prices stay around or above 1.17, then with far greater confidence the top will be near 1.20 - the floor that prices crashed through in 2015.
If prices stay around or above 1.17, then with far greater confidence the top will be near 1.20 - the floor that prices crashed through in 2015.