Current level – 1.1051
For the last couple of weeks we are observing price action limited between the ranges 1.0996 and 1.1077 which were briefly breached as a result of economic news and events. A change in the sentiment in that range is also noticeable. After the spike, buyers became more aggressive and active. That shifts the expectations to positive for a breach of 1.1077. Should it be successful, it can trigger an upside trend. Todays’ lack of news in the economic calendar may slow down the price action and we can witness a close in the week’s range.
Current level – 107.91
We can observe a slowdown in the uptrend and a range is already forming between 107.58 and 108.24. Another test of the 107.58 zone is possible and, if the price breaches and holds below, a shift towards downtrend will become likely. A successful breach above 108.24 would be a signal for trend continuation with target at 109.50-60.
Current level – 1.2535
Here the uptrend continues with strong momentum. After the successful breach of the psychological 1.2500, we could expect a push towards the resistance around 1.2560-1.2580. If the trend continues gaining inertia, the price could reach the next zone at 1.2640.