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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 ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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