Price action momentum could carry this pair straight to the 117.64 level as the main objective of this move higher. A couple of scenarios are on the chart. Regardless of the short term path, bearish movement will eventually return in the days and weeks ahead. The 105.2-103.8 area is likely the main area of interest on the next move back to the downside. We just posted our forecast for the short, medium, and long terms for premium members.
Comment:
Our bearish target area remains the same, however, the timeframe needs to extend out a bit further now. We may see a short term move higher to the 116-117 area for a test.