The pair just weeks ago had a strong technical bearish move, with the pair moving below a key retest 50% fibonacci level as seen in monthly chart 1.

Monthly Chart 1.
As of September 15 the charts have changed enough to point to a prolonged bullish move. Assuming the pair will act more or less the same with any North Korea threat developments and nothing too good or bad unexpected developments from the FED meeting next week, then the pair is poised to move upwards, but with limited upside.

As seen in Monthly Chart 2 the pair has moved above the 110.2 50% fibonacci level. If there's a close above that level then 112.88 is next and highly likely to be reached by November 1st. Nevertheless, we believe that the bullish movement will be contained within the green line channel.

Monthly Chart 2.

The forecasted level of 113.19 was chosen based on the technicals as shown in Weekly Chart. It's the 1.618% fibo level and just below the previous high of the green channel at around 114.

Weekly Chart
Highly risky forecast under the current macroeconomic and political climate, but still with potential.
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