For a long time, the market moves within the bounds of the ascending yellow channel. The price pushed off from its upper bound, after which the market approached the lower yellow wall.
However, we can see that the yellow bound was not touched, so the situation may turn out differently in the near future. If the upward movement continues, we will see a smooth growth of the market to the upper green wall and the resistance of 122.34. if it breaks, the growth will continue to the yellow bound and the resistance of 124.17.
However, if the bears go back below the red line of the moving average and the support level of 120.37, in this case, we will see a small short-term decline to 119.91.
Let’s add this currency pair to our watchlist.
