Many have been focusing on what looks like which if correct then on completion it would implicate action to at least price retracing to the beginning of the .
According to many analyst this is being formed from the July 2012 low and completed at recent high, however, this is being incorrectly interpreted.
Whilst it has moved broadly side ways for most of 2014 so far, I believe it is forming a base with 1.3450 1.340 holding it has every possibilities for it to head higher and complete the larger AB = CD measured mover to 1.44 area.
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As always this is my view based on my interpretation of price action and suggest you do your own analysis for your trade planning.
You will the above thought in my subsequent published chart and further update added today. I hope this goes some way to answer your question.
If you have alternative suggestion and explanation why it did not play out, I would be eager to hear it. Thanks for your question in the meantime.