From theoretical point of view, there is still some upside potential up to the medium pattern located near the 1.5220 area. However, technical indicators suggest that this surge is unlikely to occur in this session, thus favouring more a short-term correction southwards.
A possible target could be 1.50 where the 200– and 55–hour SMAs are located or the 100-hour and the monthly S1 circa 1.4525. This slight period of decline should eventually be followed by appreciation up to the aforementioned 1.52 level.
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