Monthly chart:
The pair still appears to be taking a consolidative pause in the rally towards strong resistance zone, which consists of:
1. Trendline that contained the long-term downtrend in years 1986, 1990, 1998.
2. 23.6% retracement of the November 1982 to October 2011 decline.
3. 2007 high at 124.14.
On the downside, first major support is seen at 200 month SMA and 105 level.
Weekly chart:
Following 600+ pip correction in December 2014, the pair has been consolidating in 115.50 - 122.00 ran…
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