Current price: 170.95
Key point: 170.80
Our preferred direction: Buy positions above 170.80 levels with 173.00 as a first target and then 175.40 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 170.80 level, targeting the 167.50 levels.
Technical commentary
The pair is moving in a strong upward trend on the daily frame within a price channel from the bottom of the current year and above the support levels of 170.80.
If any price action is formed from these levels, the pair will rise to 175.40 levels.
If it is broken downwards, it will head to the lower limit of the channel at 167.50 levels.
