Positive data out of the US industrial production and the manufacturing PMI print have been also propping up this upside.
J.Saettele, Senior Technical Analyst at DailyFX, comments “I’d be surprised to see a sustained break through the December high (1.3126)… this is a high risk level and we should look lower. Zooming in on price action since 12/12, a triangle and terminal thrust into last night’s high is visible. The thrust either completed the 5th wave from 1.2876 or a truncated C wave from the same level. In both instances, the immediate (1-2 days) outlook is towards at least 1.3040 and 1.2995”.
The cross is advancing 0.42% at 1.3134 as of writing, with the next resistance at 1.3140 (high Oct.17) ahead of 1.3160 (Upper Bollinger).
On the flip side, a break below 1.3042 (low Dec.13) would aim to 1.3032 (MA10d) and 1.2996 (low Dec.12).