Price has broken above Tuesday’s high of 105.90. Price could be doing an ABC correction of the decline from 112.40 to the recent low of 101.18. The ABC correction has a possible target of 108.025 or 108.85.
Stochastic is rising, which is supportive of a price rally. MACD is bullish and both its lines are rising, which is indicative of a bullish trend.
If looking at long position for 108.025, a buy entry at current 106.60, a stop at 105.25 is required. If that is too much, one can wait for a possible retreat close to the breakout point at 106.00 to enter.