Trading is still stable at 111.70 (the second objective of the bullish scenario) and around the upper limit of the bullish channel shown on the 4 hour chart … Stochastic is pointing to a positive cross and the RSI is still within the bullish momentum area. The 50 is probably indicating that the price has gathered enough Of the momentum to complete its rise towards its third target of resistance 112.50.
A break above the 100 SMA with a four hour closing below 110.80 could be enough to end the bullish scenario and the pair could then retest to test the bottom border of the channel around 110.10 at least.
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