With a constant rejection on the 1.9709 looking at the daily chart, is it forming an ascending triangle and could thereby break out of this level?
Also looking at the stochastics, with the price having higher highs and higher lows, the oscillator is showing a hidden bullish divergence by having lower lows.
Looking at the monthly chart, we can see a clear rejection of the price by seeing a hammer candle preceding a bullish engulfing candle on the previous month.
This goes to show that the bulls are currently on the driver seat and the pair is on a long term uptrend since October 2016.
If the price breaks out of its current level, I would expect it to retest the 2.0000 level which will be at its highest since June 2016.
Also looking at the stochastics, with the price having higher highs and higher lows, the oscillator is showing a hidden bullish divergence by having lower lows.
Looking at the monthly chart, we can see a clear rejection of the price by seeing a hammer candle preceding a bullish engulfing candle on the previous month.
This goes to show that the bulls are currently on the driver seat and the pair is on a long term uptrend since October 2016.
If the price breaks out of its current level, I would expect it to retest the 2.0000 level which will be at its highest since June 2016.