© Dukascopy Bank SA
Pair has been in a noticeable uptrend since the middle of June, but legitimate Channel Up pattern started forming only in the end of July. Fibonacci retracements (19th to 28th of August move) seems to play significant role in the recent developments of the pair. 23.6% retracement acted as resistance form 28th to 30th of August and as a support on the most recent (3rd of September) bounce; 38.2% and 50% retracements have significant impact in the last few days as well. Although pair should theoretically continue appreciating, medium and long term technicals give bearish aggregate signal which seems strong enough to raise few issues for the bulls.
© Dukascopy Bank SA