Price edges higher on the short term and looks determined to hit fresh new highs in the upcoming period, has ignored a very strong dynamic resistance and is approaching the 1.1295 previous high. We have a breakout in play, most likely will be a valid one, but we still need a confirmation that will increase further in the upcoming days.

The greenback goes down as the dollar index has plunged aggressively today and fallen below the 97.00 psychological level and looks unstoppable on the short term. The greenback will hit fresh new lows versus all its rivals if the USDX slides further, another disappointment today will send the index much below the 96.50 psychological level.

The US S&P CS Composite -20 HPI increased only by 5.7%, in April, less versus the 5.9% estimate and versus the 5.9% growth in the former reading period.  The pair could be driven by the fundamental factors in the upcoming hours as the US is to release the CB Consumer Confidence, which is expected to drop from 117.9 to 116.1 points in June and the Richmond Manufacturing Index, which could increase from 1 to 4 points. I want to remind you that the Federal Reserve Chair Yellen will speak later, we’ll see if will bring some action on the currency market.

Price rallies aggressively today and looks motivated to resume the upside movement, has ignored the fourth warning line (WL4) of the major descending pitchfork, the next upside target will be at the 1.1365 level and higher at the median line (ml) of the ascending pitchfork.

I’ve said in another article that the price could increase after the failure to retest the lower median line (lml) of the ascending pitchfork, the perspective remains bullish as long as is trading within the ascending pitchfork’s body. Another leg down will be confirmed only if will escape from the ascending pitchfork’s body, this scenario is less likely to happen right now, we may have a buying opportunity only if the rate will come down to test and retest the lower median line (lml) of the ascending pitchfork and the WL4.