It's possible a bull flag is forming on the three-hour chart which I've outlined. If so, the pair needs to close above 1.0578. This is a strong area of resistance because of fib confluence and polarity so the pair will have some difficulty, particularly if risk sentiment is more positive. If it does prove to be a flag then the potential minimum target is 1.0850 which is very reasonable. We'll have to wait and see on this one. Here's the three-hour chart:
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