Over the last few sessions, we have seen price printing lower lows without fully breaking lower, this scenario presents to us a high probability trading opportunity.
We have a structure at 129.13 which has been tested this morning. If price continue to rise and close above the 129.68 1WCLOSE we can expect to see a nice rally towards 130.50, and 131.25 this week.
Alternatively, a sharp decline below 129.13 will invalidate the long setup. We will go short below 129.13 for a target of 128.71.