Monthly chart:
The pair is in uptrend since 2011 and, having broken 200 month SMA in January 2015, it is currently capped by 50.0% retracement of the January 2002 to November 2007 decline. If that gives way then February 2009 high (1.3064) comes into focus before 61.8% retracement at 1.3462. The broken 200 month SMA should now act as a support.
Weekly chart:
After strong rally since June 2014 and 1000 pips of gains till the end of 2014, the pair has added further 1100 pips in January 2015 alone.…
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