The big blue 504 period represents the Daily 21 on this hourly chart, and as you can see we had 2 nice bounces off of it.
I have marked up the 618 fib of the so if you were a bear you could short from 132.937 as a 2618 trade with an initial target of 132.477 or roughly 45 pips. The rest is up to your trade management but this target would mean a break of the upwards that has been in place sine the 22nd August and a potential reversal for longer term trend continuation.
If you're on this pair then you might want to see a break of the previous highs and the Daily 21 , then a retest of structure before going long with a target of 134.470 or roughly 117 pips.
Or you could trade them both? What do you think?
We have then bounced and broken and closed above the Daily 21 EMA, which to me signals further bullish activity on this pair up to the 134.400 level.