The pair is still consolidating/correcting after the most recent high at the 1.2090 level. We have now found ourselves in what we call a Triangle correction where legs, a/b/c/d have already been completed and we are now anticipating the final e leg of the pattern. Now the problem with correction is that you can never really know what type of correction you're into until it's already done and dusted. For this reason I highlighted on the chart another possible scenario that could potentially play out. What is important is to pay attention to the price action is we edge closer to the bottom of the triangle as it should give us clues as to what the pair is planning to do.
My personal details:
Long @ E: 1.1750, SL: 1.1720, TP: 1.1840, RR: 3
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.