Long-term positioning appears to suggest prices completed a major bottom in December, confirming the formation of a large inverse Head and Shoulders pattern carved out over the course of more than two years. The setup implies a measured upside objective at 92.64. Near- to medium-term positioning is inconclusive after weeks of near-parabolic advance however and we will wait for something more actionable to emerge before entering a trade.
Monthly Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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