Wedge formation which started on the 18th December is looking very likely to breakout.
The top edge is looking to be around 1.2240. On the breakout the first target is the high of the wedge (~1.2350) and the second target is determined by the height of the wedge at around (1.2380).
Lower liquidity and some news from US might give the momentum required for the break.
The idea loses it's value around 1.2215 where we would be looking to go short.
It seems more likely to go down with this kind of triangle.
TradingMax
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I've been thinking about that too after the post, but I will be watching both levels 1.2240-45 and 1.2215.
There is significant support between 1.2180-1.2215 and it will be difficult without some pro-USD news at 13:30 GMT would determine the last direction before Christmas
Keeping my mind open for now, will act once one or the other breakthrough happens