This currency pair has been stuck in a rectangular pattern for quite some time and I do not see anything which would change that in the near future. I think we are approaching solid resistance levels and it looks good for a 300 pips move from here. I like this trade set-up and have my pending order in, but do your own due diligence and see if this currency pair fits your overall trading strategy.
Looks like it’s breaking out of that daily symmetrical triangle though. But I dunno, it looks like 100.00 would hold as solid resistance. Let’s see! Good luck!
At the end of the day I am fine with either outcome. I do not see great upside potential and if it moves higher I think the gains will be capped at around the 103.00 level, give or take 25-30 pips. At that point I am happy to enter new positions, plus I have a hedge in place for a breakout in order to earn some additional pips (around 150-200 pips) before it eventually retraces and retests the 100.00 (should it breakout). With my set-up, I am in a earn-earn situation.