Positive sentiment is what we believe dominates the background.From a medium term perspective the weekly Bullish Morning Star pattern completed 3 weeks ago is the key feature with profit taking setbacks since unable to negate that signal.
Monday’s setback was the latest attempt to reject prices above .8000 and that decline proved temporary and limited with buying interest returning yesterday from a Marabuzo line created by last Wednesday’s powerful gains.
With the Keltner channel positive and the key 13 day moving average supporting we look for gains to extend in the coming days with .8050 and .8075 important short term targets.