Making new highs...
Seven straight days higher. The close yesterday was at 1.5337. The day today had some ups and downs, but the pair is continuing to trade higher. New highs are being made at the moment and in the process the price is breaking above topside trend line support at the 1.5414 level. If the price is to go lower from here, this line will need to play a roll. Move below and the pressure is off. Stay above and the trend continues.
The next upside target comes in at 1.5479-85 where the loe from December and the high from February 18 come in. The pair moved above these levels on February 25 and February 26th but quickly reversed. There is not much else to hang a hat on from a technical perspective.
SO watch support below. A break may lead to a more corrective move,but understand the bulls remain in control.
