A descending triangle fired up earlier today on 30mn chart, going straight to complete an advanced pattern. The pattern would also complete on 27.2% fib ext. of daily chart.
We will also note that our Squeeze momentum indicator just showed the end of previous consolidation period (grey dot).
Using the rising channel as resistance (240mn chart) and advanced pattern completion (60mn chart).
This level is also yesterday's Camarilla R4 level.
C.T.S = Ad.Pattern +2; Channel +1; Structure +1; Indicator ?
I found a bit of structure around this level from 2012. I could possibly BUY at Camarilla S4 in case of false breakout for about 20pips. Might be filled in on EUR Consumer Price Index release in an hour. Let's watch how it goes...
C.T.S = Pattern +2, Structure +1, Camarilla +1, Oscillator ?
Quite a long way to go, trading Camarilla breakout needs additional supportive system, maybe a squeeze if the pair stagnates at the vicinity of S4 for some time.
I'd place my entry if crossing back above S4.
It started well at breakfast local time here. I was a little late though.
Today's news on GBP should support this move.
Also, a reversal below the 23.6% Fib at 171.58 would clear the way for a challenge of the August 15 low at 170.41.