The pair is again at the long term ascending trendline (purple line) coming all the way from 2016. We can see this is the 3rd time in recent times that it is being retested. RSI confirms that the pair is gaining momentum.
A retest of the higher part of the consolidation area (rectangle) is on the cards as it is also an area of resistance. If that is broken we can expect a big move all the way to the 125.6 area.
A break below the purple trendline will invalidate this setup
A retest of the higher part of the consolidation area (rectangle) is on the cards as it is also an area of resistance. If that is broken we can expect a big move all the way to the 125.6 area.
A break below the purple trendline will invalidate this setup
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.