We have a potential long opportunity approaching upon a rejection of the 0.618% Fibonacci, Daily 50EMA, third touch of an inner ascending trendline and round psychological number of 1.0000. Entry price would be 1.00050, with stops of 35-40 pips below. Target 1 would be initially be 1.01250 (Weekly resistance - we have not had a close above this for some time) Target 2 - 1.01750 (127%) and Target 3 - 1.02450 (161.8%)
If this inner trendline breaks, and we break below daily 50EMA, 1.0000 parity, I would expect to place short upon a retest of the current ascending trendline to then target the weekly ascending trendline below.
If this inner trendline breaks, and we break below daily 50EMA, 1.0000 parity, I would expect to place short upon a retest of the current ascending trendline to then target the weekly ascending trendline below.