As the daily oscillator remains update and as the weekly oscillator has picked up markedly, the risks of a new decline to the support base located between 110.35-110.25 have eased dramatically in the coming days.
There will need to close above 100MA/200MA to envisage an extension of the pair’s ascent towards 112.00/112.30 its 200MA (Weekly) coincides with 80.0% fib reaction (114.55-103.85 fall) and even the other resistance level around 112.80 its 50MA (monthly).

Supports are located at 111.00 and 110.25. On Thursday New York Session the price ran through the target we set on February 10 and now we extend the target to 112.20 and 112.80.

It is important to always keep in mind the risks involved in trading with leveraged instruments.

What is your Technical View?

Do you have a different idea? Please leave us a comment and get an answer from our professional analysts.