On the weekly chart, the price is forming a potential triple top after a rejection at the 110.91 resistance while holding above both its MAs and after it has broken above the downtrend channel.
A downside correction for the 102.35-110.91 ascendent wave is also pending.
Our medium to long term setup is to sell at the current price with a stop loss above the range and the triple top at 112.45 and a target at 104.49, near the Fibo 38.2 level of the 102.35-110.91 wave.
On the daily chart we have the pair consolidating below the 110.71 resistance, further improving the prospect of a triple top and a downside correction for the 102.35-110.91 wave, while holding above both its MAs.
Our short to medium term setup is to sell at the current price with a stop loss placed above the potential triple top at 112.10, a target at 107.37 near the Fibo 61.8 level and a second target at 104.78 near the Fibo 38.2 level.
Weekly (Medium to Long term)
Stop loss at 112.45
Take profit at 104.49
Daily (Short to Medium term)
Stop loss at 112.10
Take profit 1 at 107.37
Take profit 2 at 104.78
Goldenschild Asset Management