Since breaking the triangle formation in may, price has shot up, breaking the previous highs of ~189.654.
This pair is all and expected to rise further, however currently I am waiting for price to retest the previous highs of 189.654 as support. This zone is also confluent with a third touch of the ,
IF price does move down into the area within the ellipse, it will provide a good opportunity to enter LONG, given that the holds and there is appropriate price action .
If price does not retrace all the way to retest 189.654, and instead does rise, then it may be ideal to wait for a deeper retracement before entry, in order to maximise the risk reward. However, this decision depends on the trading style of an individual.
Another scenario can be a SHORT move if price does break the and retest the previous high as resistance. Targetting the 23.6% fib, also confluent with previous .