I'm treating the rise from the bottom @0.7566 to 0.95885 as part of the long term down trend and there isn’t any signs of a reversal and could be considered part of a consolidation pattern of the whole long term down trend. The rebound from 0.7566 could extend further to 0.99326 which is a major resistance level. For this to happen I am looking for a strong beak of the 0.95885 resistance level and this will be our entry point.
To the upside I'm looking for a break above the 0.93011 resistance level. This is because a major bullish bias has developed in the medium term as indicated by the ascending triangle formation (blue lines). There are 3 higher lows that make up the ascending support level (red arrows) that give a bullish bias. All momentum is moving to the upside as shown by the moving averages and macd. The breakout will be an extension of the up movement from 0.89316 and should pave the way past 0.95885. There are even 2 higher lows and higher highs in the medium term that I haven't indicated on the chart. This is a no brainier high quality forex set-up that looks like it could breakout any day now.
To the downside I'm looking for a clean break below 0.85618 which would should extend a test the low of 0.70566. I wouldn't be looking to make a trade that large but a target of 400 to 500 would suit this trade. Also to the downside if there is a nice break below 0.89316 that would extend the medium term down movement from 0.95885 to 0.85618. This is a small trade I will wait and see what the price action looks like when 0.89316 is broken.