This pair is in the bullish market, which has been going upwards in a slow, steady and gradual manner. Since the support level at 0.9200 was tested on February 16, the price has gained about 350 pips. Now it is slightly below the support level at 0.9550. The price could rise towards the resistance level at 0.9600, and it could even exceed it.
There is a Bullish Confirmation Pattern in the market. The EMA 11 is above the EMA 56, and the Williams' % Range period 20 is very close to the overbought region. It confirms that the bulllish trend prevails. The price would go further upwards even in face of some temporary pullbacks.However, those temporary pullbacks would offer opportunities to join the northwards ride at better prices.
