Current price: 157.40
Key point: 156.75
Our preferred strategy: Buy positions above 156.75 with a first target of 159.00 and then a second target of 160.40.
Alternative scenario: Stop loss and trend reversal upon breaking the 156.50 level, targeting the 155.30 level.
Technical commentary
The pair is holding above the key support levels of 156.50-156.75 and above the upward trend line from the current month's low. If it breaks through the resistance level of 158.00, coinciding with the 200-period moving average on the four-hour chart, the price will then target 159.00, and subsequently, if it breaks through that level, it will target 160.40.
