The price rises to more than 5-year highs. In yesterday’s session the pair made a high at 1.1467, but at the end of the day it erases intraday gains and closed with losses. On a daily closing basis the pair made a double top at 1.1410 levels. Today the pair opened on a bullish note, opened lower at 1.1386 levels. In case, if the prices close above 1.1410 on a daily closing basis, it will challenge 1.1644 in the short term. We have been recommending the same target in our previous articles. The pair has been enjoying its upswing with higher lows in the weekly chart for 2 years. In case, if the pair closes above 1.1279 on a weekly closing basis the pair will challenge 1.1530 in the near term, 1.1644 and 1.1685, in the medium term and 1.1900, 1.2350 in the long term perspective. This view is valid with sl 1.0620 on a weekly closing basis. The same targets we have been recommending from 1.1200 levels (refer to the October 01, 2013 article). During this week, we are expecting another weekly break for a 600-pip upswing. The day before yesterday, we recommended buying for targets at 1.1450, 1.1530 and 1.1630 levels. In yesterday’s session our first target was met; waiting for the rest.
Today the US unemployment claims and Canadian building permits will decide the pair’s path.
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