The Pair is trading in a big trading box since the beginning of 2015. The box is reaching from 1.05-1.1475.
The rapprochemenrt to the box`s upper edge increases the risk of falling Prices. Perhaps this Level could be a good Chance for Shorts. The Chance/Risk-Ratio is very nice at that Level (have a look at the short Position in the Chart).
The pure trend theory makes a new maximal shortterm High at 1.1615 possible. Should this Level, respective 1.1475 not be defeated, a new downwave to 1.11/1.07/1.05 can be exspected. Below the box`s bottom edge a fast selloff can be exspected.
In the longterm view, i see a clear bearish pattern - a bearish flag with worst case TP @ 0.8
this Szenario will only be activ with Prices below 1.05.
For Longs, i also see an anticyclical Long-Chance. For further informations have a look at the following chart
If u are interested in further Information about the 1-2-3 , please have a look at