The question is what is going to happen next. I see a couple of options here :
- Price retraces further and tests the 1.10 levels which should now have become support
- Price just took a breather and is on it's way to go and test the higher around 1.1420s (and complete the nice at the same time)
- As it is Monday and no important news is announce, we might just see it range between the 1.1180 support and the 1.1275 resistance.
There is some Manufacturing PMI news from major countries in EUR ... depending on the result of those we might see a break below or above those 2 levels. ...
Don't look at the arrows on the chart for the way price should behave ... I just wanted to put some potential moves up there. The matter of fact is, that we have been putting is higher highs and higher lows, and I believe the completion of this bat patter is quite likely ... only do not ask me when it is to happen :)
If you want to trade this pair, I'd suggest you look at the lower timeframes and look at the structure levels ... after all, between the upper and the 1.10 , there are some 300 pips ... I'm sure you can grab some of them :)
Good luck and may the pips be with you. I'll be happy to check your view on this pair !
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