So a tea cup as I call it has formed. What is it? Well, a clear reversal has occurred from the recent lows and you usually get a V shape or a quadratic curve like pattern and then a slight dip (the handle) before a change in the trend. In this case, I would say 90% of the pattern has completed to give me confidence that the trend is willing to pursue a bullish
tone to this pair.
Await for a further retracement before entering a trade.
For more information on trade setups and education, either follow me on here or at http://www.ejfxtrading.com