Price action on the daily chart of this pair has now formed a bullish engulfing bar at a longer term support level.
If you zoom your daily chart out you will be able to see that this support level is a multi-year level going back into last year.
If price can now break the high of the engulfing bar we could look for price to move back higher and into the resistance around 124.97.
We could also then start watching for price to make a potential break of that level out higher.
If you zoom your daily chart out you will be able to see that this support level is a multi-year level going back into last year.
If price can now break the high of the engulfing bar we could look for price to move back higher and into the resistance around 124.97.
We could also then start watching for price to make a potential break of that level out higher.
