© Dukascopy Bank SA
Prior to the formation of the pattern pair was range bound between 8.55 and 8.72 for slightly more than two weeks. It is worth pointing out that the pair ahs been trading in the 8.50 and 8.89 boundaries since the end of April. Taking in to account the aggregate readings of the medium and long term technicals it might be that we will see some consolidation when the pair approaches the upper limit of the latter range. However, as we can see from quite recent developments, the pattern's boundaries are holding the pair checked rather well. Taking this and the readings of short term technicals we could expect at least some bullishness from the pair in the nearest future.
© Dukascopy Bank SA