Bullish Scenario still valid for the pair
After penetrating the bullish consolidation pattern; the market would still bullish unless the market is traded below 121.80/120.50.
Market has rebounded after recording the high if 125s, the major player would keep applying buying in dip strategy and target a new record high above 125s (128, & 132: expected on 2016).
The bullish player would exit the losing position if market fell below118 / 115, as they would expected a more bigger correction toward 110 /105. The price keeps fluctuating between the levels that represented by 120.50 support and 123.70 resistance, and we still waiting for breaching one of these levels to detect the next trend clearly, reminding you that breaching the resistance at 123.70 will lead the price to regain its main bullish track that its main targets begin at 125, while breaking the support at 120.50 will extend to 118.60.
Daily Trend: Up
Weekly Trend: Up