has recently broken the downtrend it’s been in since the start of the year. We can tell the trend is no longer valid as price has formed a swing point instead of a lower high. Price has now retraced to the trend-line and even though U.S. Data had a strong short-term bearish
effect on the pair. It still failed to break back through the trend-line. If we see a break of the resistance level
112.920, we could see price push even higher than the swing point to form a new higher high and a complete trend reversal. However, to be safe I have put my target at the swing point.