As evident from the chart, the price is not only currently trading towards higher prices within a rising channel line but has also established a valid breakout from a very long-term daily timeframe inverted head and shoulders pattern.
This phenomenon suggests a high possibility of a bullish move in this currency pair, and we might witness much higher prices in the future.
If this pattern materializes, based on the one-to-one price target projection, we can assume that the price will at least reach the previous top formed on August 21st, 2023, if not higher.
However, I recommend waiting for a pullback towards the broken neckline before taking a position on this pair, or alternatively, look for the proper entry point in a lower timeframe based on your strategy.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.