It looks like the price has managed to breakout this parallel channel
and is still within the bullish channel
. Once the price broke it retraced and tested the resistance level
of the bearish channel
and the level looks now to be acting as a level of support. It is very likely that we might see bullish
gains over the coming days. The RSI
has positioned itself in a better to make further bullish
gains. We should see the price of this pair move up to around 114.