The pair rose yesterday and during morning trading for the day, achieving its second target of the rally at 111.70, which is near the upper limit of the rising channel channel shown on the graph for four hours … The current upward trend could continue to the level of the third target at resistance 112.50, but the saturation of the purchase which Stochastic and RSI indicators may force the pair to retreat towards support 112.25 – 111.05 to gather enough bullish momentum.
A break of the 4 hour closing channel below 110.00 might be enough to end the upside scenario and the price could then head to 109.25 as the first target and then 108.50 as the second target.
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