After a month of trying, the pair finally broke up from the resistance level 112.93, a level which we mentioned many times before. The pair tried to break it 9 times since last month and was always able to touch it and close below it, but last Friday the prices closed above this level. This week the pair opened 37 pips up higher than the closing price from last week.
In our last report about the pair we recommended buying the pair twice, first from 111.90 - and the pair hit the target at 112.70 with +80 pips, then we bought another order at 113.10 which is still open with another 80 pips; the pair is nearly at the target.
The pair broke the trendline and the resistance level and is trading now around 114 near to 23.6% Fibonacci. This is a strong level which had two tops before in July and May, but we expect the pair will break it soon to make new highs after breaking the trendline. The MACD indicator started giving us the buy signal to support our vision.
The Next Few Days
After we saw the prices broke the resistance level we can’t think of sell positions anymore, we need to switch to buying. We can take a buy order now at the current level 113.85 and keep our take-profit level at the old target 114.30. If the pair breaks the Fibonacci percentage we can buy it again around 114.60.
This week we have much hot news from the Unted States such as the Core Durable Goods Orders, Unemployment Claims and Advance GDP, so we can make money from the liquidity in the market this week.
