Monthly: Three consecutive positive monthly bars. Broken out of the wedge formation (yellow) to the upside. Reverse trend line support is located at 0.9895. The trend of higher highs (from 2012 and 2015) is currently located at 1.0600. With bespoke resistance located at 1.0680, this is our long-term target zone.
Weekly: Broken out of the Expanding Wedge formation to the upside. Previous resistance is located at 1.0039. With Demark posting a 13 count (exhaustion) there is ample scope for a correction lower. Reverse trendline support is located at 0.9852. Bespoke support is seen at 0.9915
Daily: A pullback from current levels and we have the 23.6% Fibonacci level at 0.9850. Trend line support is located at 0.9750. With a stop placed under this offers a decent risk/reward set-up.
