A conservative approach and buy only on the breakout of the downward wedge. Entry at 1.53499 (stop at 1.52886) Risk is 61 pips Target 1 at 1.54118 (raised stop to B/E) Reward is 61 pips Target 2 at 1.54451 (this was previously support now resistance) Reward is 95 pips
This play is on: - USD roll over - BOE no change in interest rate statement - 4 hour RSI divergence - Short Squeeze