he pair has been floating sideways around 111.70 (the second objective of the bullish scenario) since the opening of this week’s trading … Stochastic on the daily time frame is trying to exit the oversold area and the four hours is moving within the oversold area and the RSI is still within the bullish momentum Line 50 may be a sign that the price has gathered enough momentum to complete its rally towards its third target of resistance 112.50.
A break of the 100 SMA with a four hour closing below 110.90 might be enough to end the upside scenario and the pair could then retest to test the support area at 110.10 – 109.95 at least.
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