Blatant continuation pattern forming as shown however while we are range bound for now, upside pressure in last 2 or so days would suggest upward break and invalid pattern. That said... technical patterns I feel are manifestations of trading psychology and therefore validated patterns are skewed towards shorter time frame charts - daily charts therefore.....
A classic trading strategy would be placed as shown for a nice 4:1 ratio that meets the bottom channel and fib retracement nicely.
Question is though, can we not say the exact same of an outcome in the opposite direction with the same pattern.....? Consider the immediate resistance around 1.745 area - this is likely the true upper bound level where bears will defend a position with the lower range at 1.622 around with fib confluence and structure support. And how about the larger upward trend?
Flick over to the weekly and you'll spot that a broader cyclical reversal occurred a while back and that we are technically in the early stages of an upward trending cycle.....