The predictions having been mentioned in the previous analysis concerning the targets at 91.80/92.00 (the trend line of the long-termed descendant channel, the green lines) would be exercised in the shortest possible time are proved by the market. The price finds itself at 91.80/85 and likes to intent exercising 92.00 as well. The “bulls” have hacked upon this pair quite not bad and there’re all grounds to suggest their rest will be observed in the respectively next perspective. The resistance force at the trend line of the long-termed descendant channel (the green lines – i.e., the level of 92.00/15) speaks well for it. Moreover, after the prolonged growth the profit fixation is probable enough. Nevertheless, the indicators’ mood says for the growth continuation. Most likely, it can be estimated as the attempt to break through the before mentioned trend line is also possible. However, as it seems to be in the shortest possible time the success is less probable – the pair will most likely start the consolidation within the lateral corridor edged with the levels at 92.20-91.20/10.
Obviously, taking into account the approach next to powerful resistances and targets the long positions can be completed and following the aggressive trading the stops can also be hardened greatly.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst