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 .