surged to a new 11-year high at 1.3212 Wednesday (August 5, 2015) within a 7-week rising channel
. Despite overbought conditions, further gains open the 1.3310 area (June 30, 2003
monthly low) near 61.8% of the entire 1.6184/0.9056 fall at 1.3467. The 1.3109/1.3102/1.3076 support zone
near channel lower bounds (as shown on the 240minute chart) should hold dips. However, a break below the latter would caution for further correction towards 1.2941/1.2860.
Short term: bullish
Long term: bullish