• Breakout from 1.16-1.20 range.
• Broke above the 2018-2020 descending trend line.
• Next target is 1.20775.
• Once 1.20775 is cleared, next strong hurdle is the area between 1.21175 and 1.21440.
• That area is very critical since it is the 50% Fibo of the all time rally of the pair, and the 78.6% Fibo level of the 2018-2020 slump.
• Broke above the 2018-2020 descending trend line.
• Next target is 1.20775.
• Once 1.20775 is cleared, next strong hurdle is the area between 1.21175 and 1.21440.
• That area is very critical since it is the 50% Fibo of the all time rally of the pair, and the 78.6% Fibo level of the 2018-2020 slump.
Ramzi Abou Abdallah, CFTe, CMT
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