This is a clear structure on a daily basis. After the completion of the breakout from this triangle and after having reached the target that could be found by measuring the basis of that triangle it is only normal that a correction will follow. Especially when that move mentioned before has taken the price to the last high from April/May 2012. The Question is: 'How far will this correction go and where will it be save to jump on the train again?' To find more clues for this I drew Fibo-Retracements from the last high and from the beginning of this last down channel
. If all the Fibo's will not stop the price on a reasonable level then I would expect that the last trendline
(green) should serve for a nice entry on the long side. It is still - on this timeframe - to early to tell and to early - for me - to take a position. Nevertheless, I do have a 'buystop' sitting at 1.6325 in the market. Watch lower levels for better buylimits!