The pair has been in a downtrend for the past 8 months. The trip start and endpoint is a 1250 pips long segment and it's not certain yet if it is to stay like this. There have been plenty of times to break this downwards move but the tide did not loose steam. It is perhaps now when the price stands at a crossroad and thus our chance to monitor that closely.
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The price has reached the lower limit of the channel. It's a good opportunity to go long.
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The price exited the uptrend channel, perhaps, it will make a double bottom near 1.1219.
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The price reentered the channel, it moved towards the mid-trendline but was rejected and moved onto the lower limit of the uptrend channel.
Double top with double bottom , if there is a bounce from 1.30 , than we can see a break , but soon there will be no space, so we'll see some movement. Stay green ! Mult succes.
jt_money
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Agreed. Looks like a triangle formation, could breakout in either direction from within the descending wedge. Short term, we need to watch direction of price action, but long term, look to go long should prices drop to ~1.11304, which is the next major demand zone.
RCtrader2
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@jt_money, To me, it looks like a symmetrical triangle. I would rather have it make a breakout upwards and keep moving up.