Pair has gone over half way into this descending triangle (not wedge) which means it should be creating enough pressure to breakout to the downside. ***If price goes back up to the top trendline that can be an early short entry point.*** There is another aggressive entry point as price breaks the bottom support level. A sell stop @ 108.75. A more conservative entry point would be below the lowest wick that broke the support line. Sell stop @ 108.35. TP is a measured distance found in the triangle pattern of 104 pips @ 107.80. SL above descending trendline.
Note
Price broke support line @ 108.81 with a BHG on a 1 H chart and aggressive first entry was taken @ 108.75. Price then fell to 108.25. Conservative sell stop was also entered @ 108.35 during the London session. At the beginning of the NY session both trades were closed with +29 pips and -11 pips.
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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.