The Looney is currently near the upper bound of its 1 month range and trying to break higher. Fib Channel measured targets are on the chart. One thing we need to point out is that this consolidation/accumulation period has occurred right at the Feb 1st 2019 low of 1.3068. Price made multiple pierces below but hasn't convincing broken that support level. Therefore the possibility of a 'bear trap' cannot be ruled out.