© Dukascopy Bank SA
Pair has been in a noticeable uptrend since July, 2011. Usually it was a substantial one month long rally followed by a consolidation period of two to 3 months. This pattern captures one of these rally periods and it is worth pointing out that shows a much greater slope than in most of the other mentioned cases. We are seeing some stepping back signals from the pair, but it should be just some of the bulls capitalizing on their gains as pair has reached the highes level in 4.5 years. Some neutrality should persist in the short term, but medium and long term outlook remains strongly bullish.
© Dukascopy Bank SA