FXstreet.com (Barcelona) - The break of the 200-day moving average was the catalyst for a sharp move higher, to 79.66 (August high) and now the 80.00 mark. “We may see some consolidation here but then look for further gains towards 80.63, the June high”, wrote analyst Karen Jones, expecting to see recovery to the 84.19 (2012 high).

The completed longer term bullish falling wedge pattern offers an upside measured target to 81.78/87 (April 20th high). “We would expect prices to remain underpinned by 78.39, the short term support line”, Jones added.