The pair has moved higher, rapidly rising after the FOMC meeting. It breached the 103.15 level confirming an upside break and moved up towards the upper border of the rising wedge pattern which has been forming since the 3rd of December, making highs of 104.35. There is a possibility the pair could fall back down now towards the lower border of the wedge at 103.10. A break below 103.80 might signal such a move. However the wedge is composed of 5 waves indicating it may be complete and so a rise above the 104.35 highs would provide a convincing up-side breakout sign and lead to a probable move to the next target at 105.87, as well as generating a very high count from the long column of X's yesterday, targeting 107.80.
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