Right - This pair has been in a steady uptrend pattern since September last year respecting the upward trendline beautifully. However since February this year we've seen successive lower high's being formed, whilst still respecting the upward trendline.
The formation of this rising triangle means we could we a break to the top or bottom, however given the previous history and the recent bearish activity (massive bearish candle today) I believe the break of the upward trendline to the bottom will lead to T1 of 1.882 region. A clean break of this will lead to the next fib extension at 1.858 level, this lines up well with previous resistance which should now act as support.
Let's see how this pans out! Would love any feedback ;)
Happy trading folks - G5B_FX
The formation of this rising triangle means we could we a break to the top or bottom, however given the previous history and the recent bearish activity (massive bearish candle today) I believe the break of the upward trendline to the bottom will lead to T1 of 1.882 region. A clean break of this will lead to the next fib extension at 1.858 level, this lines up well with previous resistance which should now act as support.
Let's see how this pans out! Would love any feedback ;)
Happy trading folks - G5B_FX