After declines lasting from June 2001 to August 2011, the pair moves north. Although these increases are not very dynamic, given that we are currently observing the upward trend line test again, we could expect them to continue in the near future.
Looking at the weekly interval, we can see that this time the upward trend line is also near the local level of support. If, therefore, the increases are continued, we would expect even a re-test of the 1.0300 level.
The potential growth may also be supported by the fact that already on Thursday market has overcome the local resistance, which is now re-tested from above (as support). Considering that this zone coincides with measuring 38.2% of Fibonacci’s correction, we could expect it to be rejected.
However, this could happen, the pair would have to first break out from the downward channel lasting from last week.
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