At first I thought the 1.064 area would be a good place for a long entry in this pair given the symmetrical triangle in play. I am however sceptical as support has already been tested 3 times in the last 6 months. Furthermore in April of 2015 we failed to touch parity which is a massive psychological level. My feeling is this pair will need to test the 1 level adequately before moving in the other direction.

In terms of the July level prediction, if my bias turns out to be correct we need to see a decisive break of 1.06 heading into June where I expect a modest pullback and essentially a retest of the upward sloping trend line before moving back down to that massively important 1 level. 1.06 seems to be the key area over the next 2 months.

Daily chart with candlestick projection:


Weekly chart showing major choppiness:


-AgentSmith
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