16 Mar 2017



The rate has dropped down after successfull test to the 3-month-long falling trendline to test the short term rising trendline from February.

The rate has formed 2 hammer  candlesticks right at the former inverse head and shoulders neckline (for full trade idea click here) indicating further strength and a possible move towards the previous highs at 122.90 and the 100% pattern breakout target around 124.40.

A daily close below the rising trendline and the former resistance/new support area's lows at 121.00 would invalidate my immediate bullish bias for the pair.

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