The chart is pretty self explanatory. there is a double zigzag correcting the impulse wave. the double zigzag is headed to completion at c, this means a long term sell is possibly in order.
the correction ends at start of wave two for the impulse wave (in red)
watch for a breakout at the 5th wave there should be a number of pips to be made there.
im considering taking a short position and exiting when price levels get to the bottomline for the triangle and go long thereafter.
taking into account the use of rsi, macd and ma's i think there will be a pull back to 1.07 thereabouts, thinking this will materialize in a 2 to 3 day span so tue or wed.
the macd which i have circled where the signal line has been cut from below suggesting a bullish trend suggests this.
caution should be taken ...