Two potential scenarios:
1. Bullish
If price finds bullish momentum we could see price break above the key resistance level of 1.6170 level. IF this happens, we could see price return to previous highs of 1.6380.
2. Bearish
On the daily chart, we can see a possible head and shoulders structure forming. If the price rejects at key resistance (1.6170) we could see price return to the 1.5920 level.
Fundamentally, I have a bullish bias on this pair due to the poor performance of AUD.
Lets see what happens!
1. Bullish
If price finds bullish momentum we could see price break above the key resistance level of 1.6170 level. IF this happens, we could see price return to previous highs of 1.6380.
2. Bearish
On the daily chart, we can see a possible head and shoulders structure forming. If the price rejects at key resistance (1.6170) we could see price return to the 1.5920 level.
Fundamentally, I have a bullish bias on this pair due to the poor performance of AUD.
Lets see what happens!