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 setups are somewhat inconclusive however.
Monthly Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE