For now, more potential in short run is expected after bouncing above 1.1260 (i.e. 21DMA & also 23.6% Fibo on monthly).
You can observe even though the prices drop yesterday, it has shown a strong support at 1. 1320 to bounce above 7DMA again.
(14) on converging to the prevailing upswings and being bias (Currently, daily trending above 68 while articulating).
This is an indication of buying momentum when prices touched 1.1403 levels by taking the computation of last 14 day periods the magnitude of recent gains to recent losses in an attempt to signify the overbought zone is nearing but no signs of selling in short run.
While slow curves have remained in overbought zone, no indications of sell yet again (Currently, %D line at 84.5753, while %K line at 87.0024). These leading oscillators on monthly curve also signals healthy convergence to the price rallies.
We spot out a bounce above 23.6% fibo levels (i.e. 1.1261), this move creates even more upside potential, sideways trend lasted for more than a year now showing slight strength upto nexxt resistance at 1.1460 levels.
Hence, despite short term uptrend upto 1.1460, in long run we still uphold our projections between 1.1460 to 1.1261 (23.6% fibos) by Q2 end-2016.
With this short term atmosphere, we advocate to remain long in near month for target upto 1.1460 levels.