Its a new week and with the market not reacting to the ecb on thursday, new possibilities have arisen with the pair.
There is a pattern which could probably be in play now. Confirmation for this, however will only be when the pair closes above the upper border of the . If it so happens, we could count on a long position to reach a target around 1.2830. This is against the current trend and good risk management should be in place.
As always, there are two entries possible.
Aggressive entry would be to enter long at the current price, place stop loss below todays lows, around 1.2225 and move the S/L dynamically with the price. T/P would be first at the upper border of the and then the target at 1.2830 area.
Conservative entry would be to wait for the pair to close above the around 1.2400 area with S/L below the center of the and T/P at the target at 1.2830 area.
I hope this is helpful!
Happy trading and happy pipping!