The rate has fallen down to test the exact one-year-long rising trendline support. As long as it is still trading above the support it stands in line with the long term bottoming (inverse head and shoulders) pattern as the rate it still slowly carving out the right shoulder.
Currently the upside is a bit limited because of the falling gap resistance created this week at 1.0550 and I will be looking for a break above to enter new longer term long positions.
The line in the sand for the downside is the previous test of the trendline support at 1.0300 which will also be the level I will be positioning my stops against.