Monthly: The long-term outlook is for higher levels with the pair posting a potential bullish reverse Head and Shoulders formation. A break of 126.70 (neckline) is needed to confirm the formation. There is scope for a deeper correction, in an AB=CD formation, toward 92.00. This timeframe offers a mixed picture.
Weekly: Holds within a corrective channel formation. Trend line resistance is located at 111.98. We have posted a bearish Outside week from the 21st May. With this candle still intact, it offers a mild downward bias.
Daily: The move higher from the 104.62 low trade (26th March) stalled and corrected lower from levels close to the 261.8% extension of 110.87. Although we have seen a reaction higher, there is no clear indication that the move lower is exhausted. A full AB=CD formation from current levels would take the pair to 108.00. We have a 50% pullback level at 107.99 (from 106.63-111.40). This is our prime target zone
Intraday (one-hour): Completed a bearish 5 wave count at 110.28. The move higher has been mixed and volatile, common in corrective sequences. Levels close to the 61.8% pullback level of 110.81 have found sellers. Trend line support is located at 110.50. Bespoke support at 110.43. A break of the ‘zone’ should lead to further loses.
