Nice long uptrend we've had on this pair. Now momentum is shifting and it's most likely going to reverse and make a move to the downside. Before it does however a few nice trades might be taken while it's in this RANGE.
We have 2 upper touches and 2 lower touches creating a well defined and valid channel. I'll be looking to go short this week if price makes it back up to the upper resistance line. Stop loss goes 25 to 35 pips past the upper resistance line around 124.05 level. This will give price a bit of room to breath and allow for a 6 to 1 Risk to Reward ratio if trade succeeds.