Monthly chart:
Price is trending up towards strong resistance zone:
1. Trendline that contained the long-term downtrend in years 1986, 1990, 1998.
2. 23.6% retracement of November 1982 to October 2011 decline.
3. 2007 high at 124.14.
On the downside, the first major support is 200 month SMA and then 105 level.
Weekly chart:
After 625 pip correction, the pair appears to have re-established its uptrend and seems poised to continue to new highs in the new year and towards the monthly resistance lev…
Price is trending up towards strong resistance zone:
1. Trendline that contained the long-term downtrend in years 1986, 1990, 1998.
2. 23.6% retracement of November 1982 to October 2011 decline.
3. 2007 high at 124.14.
On the downside, the first major support is 200 month SMA and then 105 level.
Weekly chart:
After 625 pip correction, the pair appears to have re-established its uptrend and seems poised to continue to new highs in the new year and towards the monthly resistance lev…