The cluster of moving averages holds well, and price heads lower breaking the minor rising for the recent consolidation. That would create the right shoulder for this POTENTIAL , and retest the neckline for the pattern. Its too early for further forecast.
A breakout above the main resistance cluster. That would be strongly . and the right shoulder completion scenario will no longer be valid. That would suggest a minimum move towards the latest major swing high at 141.00
My way to trade this could be shorting just below 137.00 targeting 135.50 then the neckline. With a stop above 138.00. Alternatively, on a break above 138.00 to reverse position and go on the long side targeting 140.50-141.00.
My best regards
Subscribe to my trading portal http://thefxchannel.com