This pair has been in a mid term uptrend, retracing 78.6% of the previous move down.
However price has found, that it is unable to break through the 1.3380 level (78.6% Fibonacci retracement level)
Chart below.
This has boxed price in, with a quadruple top above and trend line support below (an ascending triangle).
I am waiting for price to break out of the triangle.
This will give me the direction the market wants to move in.
I will then wait for price to pull back, and retest either the current resistance level of 1.3380 or the support level of the trend line.
Chart below.
Once the triangle has been broken, I will update with the levels for the trade.
Regards
Scott
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