The pair has paused in its up-trend and formed a small consolidation visible on the 4-hour chart below.
The dominant up-trend is expected to continue higher eventually, however, with an initial move above the dragon-fly doji highs at 124.20, signalling a probable continuation up to a target at 124.47.
Such a move would also probably indicate an even more bullish push up to a target at 124.93, as it would signal a break above the range highs at 124.43 and so a breakout from the box formation unfolding at the current level.
Of course the long-term target lies s;lightly higher at 125.40, calculated from the original breakout from the large multi-month triangle.
The pair has paused in its up-trend and formed a small consolidation visible on the 4-hour chart below.
The dominant up-trend is expected to continue higher eventually, however, with an initial move above the dragon-fly doji highs at 124.20, signalling a probable continuation up to a target at 124.47.
Such a move would also probably indicate an even more bullish push up to a target at 124.93, as it would signal a break above the range highs at 124.43 and so a breakout from the box formation unfolding at the current level.
Of course the long-term target lies s;lightly higher at 125.40, calculated from the original breakout from the large multi-month triangle.