Price has reached the long term TL going back to 2002 and
2007 tops. The 61,8 of the CD leg in the large ABCD stands
slightly above the trendline at 110,30. The 61,8 level tends
to be traded in ABCDs. A scenario could be a false break out
and reaching of the 61,8, after which a deeper correction could
follow. Else, there is the Yearly R1 in sight. The fact that the
R1 hasn't been traded yet also shows that that there is much
room to the upside for this pair, if the bullish trend is strong.
The red median line also marks the border to the faster or
stronger bullish lanes in the uptrend.
2007 tops. The 61,8 of the CD leg in the large ABCD stands
slightly above the trendline at 110,30. The 61,8 level tends
to be traded in ABCDs. A scenario could be a false break out
and reaching of the 61,8, after which a deeper correction could
follow. Else, there is the Yearly R1 in sight. The fact that the
R1 hasn't been traded yet also shows that that there is much
room to the upside for this pair, if the bullish trend is strong.
The red median line also marks the border to the faster or
stronger bullish lanes in the uptrend.