Looking at the potential wave counts it should be near the end of wave 4
If this is the case then we could see new lows in the next 3 to 4 months.
However, should it break through the resistance line with a clear a Break above 1.385 we could see it continue higher to 1.42 and eventually 1.5
The way i see it it is more probable that it will start heading down pretty soon.
Key levels that it could hit for before it turns:
1 - 1.366
2 - 1.3688
This week is FMOC meeting and should the FED disappoint the markets we will probably see the pair trading between 1.33 and max 1.385 for the next week or two.
An upside surprise from the FED in the week and we could see it heading down fast
If this is the case then we could see new lows in the next 3 to 4 months.
However, should it break through the resistance line with a clear a Break above 1.385 we could see it continue higher to 1.42 and eventually 1.5
The way i see it it is more probable that it will start heading down pretty soon.
Key levels that it could hit for before it turns:
1 - 1.366
2 - 1.3688
This week is FMOC meeting and should the FED disappoint the markets we will probably see the pair trading between 1.33 and max 1.385 for the next week or two.
An upside surprise from the FED in the week and we could see it heading down fast