The multi-timeframe technical analysis provides the following hints towards an upward target of 1.1500 - 1.1550
MONTHLY: The price bounced up from the support of long term rising trend line with a bullish divergence on MACD
WEEKLY: Upside impulse created by the massive bullish divergence between the price structure & MACD
4 HOURLY: Price moved up nicely inside the rising channel to reach the upper boundary.
Currently, it's bouncing from the channel resistance along with the bearish divergence in play on the lower timeframes.
Therefore, a push towards the horizontal support zones ( 1.1225 - 1.1190 ) and ( 1.1030 - 1.0995 ) is likely to provide the buy entry towards the target of 1.1500 - 1.1550
The target is derived from the confluence of Fibo Extn. 1.618 & long term falling trendline resistance.
MONTHLY: The price bounced up from the support of long term rising trend line with a bullish divergence on MACD
WEEKLY: Upside impulse created by the massive bullish divergence between the price structure & MACD
4 HOURLY: Price moved up nicely inside the rising channel to reach the upper boundary.
Currently, it's bouncing from the channel resistance along with the bearish divergence in play on the lower timeframes.
Therefore, a push towards the horizontal support zones ( 1.1225 - 1.1190 ) and ( 1.1030 - 1.0995 ) is likely to provide the buy entry towards the target of 1.1500 - 1.1550
The target is derived from the confluence of Fibo Extn. 1.618 & long term falling trendline resistance.