Considering Ucad's patterns in the past and also its current structure in relation to fibs, if it was gonna break out to upside, I will look for it to do so in this manner, possibly creating a 7 swing or triple combo. As of right now there is no setup in my opinion. Seems to be measuring out for a 7 swing, but depending how it shakes out, that 1.3000 level would be one to watch possibly for another sell. It did come off the .618 and could continue to the downside, but I highly doubt this pattern will be that simple. Or it could reverse this week and continue down in a 3 wave to the .786. Regardless, there will be setups on it in the near future. I will do my best to try to keep you posted. Have to consider it to be in an uptrend for now until something changes.
Comment:
UCAD projected path. You may find this information a waste of time, but I think it is very important to consider this type of potential pattern if you are trading this pair