Pair is in an Ascending Triangle setting up for a bullish breakout. It can breakout the first try of the top of the resistance line @ 1.2486. Or it can bounce back into the triangle and fall to the bottom trendline. Price could breakout short so watch for a bearish Break-Hook-Go there. If it stays inside the triangle this is a good spot to enter with the expectation that price will at least return to the top of the triangle @ 1.2486 and bounce short or continue long. Another entry point is when price breaks the 100% fib level @ 1.2506. TP is the 127.2% fib. @ 127.50. My TP is just before @ 1.2545.
Note
Pair did break below the bottom wedge trendline but then re-entered long back into the triangle. Price then rose to the top trend line @1.2486 and re-tested the 100% fib level @ 1.2506. An entry at the bottom trendline would have been around the 61.8% fib @ 1.2443. In general you would be looking to take some profit at the 100% fib level because price would have paused there which it did and then fell back to the top trendline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.