After the 1.2420 area acted as suppport and swing low at the month start we had a nice bullish move all the way to the 1.26 area which acted as resistance once again. After the 0.618 Fibonacci level of 1.2480 has been tested price never fell back under this area and the bullish trend line which has been tested already 3 times has really came close to price which maybe tested one last time before the bullish momentum starts again. If price breaches the 1.26 area I expect it to continue to the Fibonacci -0.618 level at least which is the 1.2670 area where possibly price can bump in to resistance again.
i see a head and shoulder pattern, , and there is a falling triangle. It goes a little up, but than it crashes like a stone.
alicanuz
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@YumsterCore, Thank you for your feedback. I suppose you are seeing the neckline of both the triangle and h&s is 1.2420, it is beneath my stop loss and also not validated yet. Check out my related idea, in the broader picture I believe the dollar is going to strengthen even more so I don't think your scenario can come true. Let's see what happens, trade safe :)