The US Dollar continues to rally to the upper side but is still below a key short term resistance level 111.077. This pair looks very bullish on the daily and the weekly charts, but instead of going long immediately, we’re highly recommend waiting for a breakout above 111.077 to confirm a possible rally to the upper side. The anticipated bullish price rally will be the continuation of the impulsive wave (c) and should breakout above 114.360 but should not go beyond 118.00. We may only consider sell positions should the price break below 108.190 or rebounds from 111.077.
Buy US Dollar upon a breakout above 111.077.