Monthly trend is up as pointed by MACD above zero line and 10-MA is above 50-MA. MACD histogram is suggesting that the trend has just began.
A rising method candlestick pattern showed in the monthly charts suggesting further price advances in the intermediate term.
Weekly Chart
Broke out of downtrend early this month that started November last year. Recent up trend is confirmed by the crossing of the MACD line over the zero line. However, the 10-MA is still below the 50-MA.
Latest candlestick formation is a bullish belt hold which supports the idea of further price advance in the intermediate term.
Daily Chart
Daily trend is also up but recent doji candlestick formation suggests short term peak.
SUMMARY
Monthly and weekly charts are suggesting price advances in the intermediate term so declines in the daily charts should merit a buy. However, it would be better to wait for the price to bounce back before taking in a new position.
If the price consolidates in the current levels, price advancing to 1.35 would merit a buy.
Price advances are accompanied by increase in volume so it would be safe to assume that the recent uptrend is healthy.
Support: 1.21
Resistance:1.60; if broken
Target: 2.50
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