Currently looking at breaking out a major triangle after a failed C leg down. A close above the trend line resistance level will see a possible leg up to the daily resistance level.
After last weeks bearish close I thought we would have a retest of the major trend line that was broken and then further downside. It seems this pair has other ideas and has rallied past that level and looks to continue to the upside at the present time.
Yesterday’s price action showed some good bullish momentum and the pair finally broke the channel resistance level. Price is currently creating a potential flag for further upside momentum to the weekly resistance level.
Yesterday trade planned out exactly how I expected it to and it hit my first target. Good momentum creating another possible flag for another bullish run to the next resistance level.
The pair came close to my short term target and as a result I got stopped out after moving my stop into profit. We did have a close above a major trend line and this could just be some consolidation before the long awaited bull run on this currency pair. Time will tell.