you are seeing the 4hr chart, clearly we have a huge descending wedge on the verge of breakout, Also we have a small descending wedge been created last few hours within and near the end of the larger descending wedge. The small wedge will breakout next few hours will give the momentum to the larger wedge to breakout as well. I expect a breakthrough to 1.20, a pull back to 1.12 and continuation towards the 1.38. I think the lowest we can go now is 1.05 before this happen.
Please trade at your own risk.