Both of these have now hit the 5 point and we have seen a sharp reversal back to the 1.36 level. If this reversal continues and the price trades back within the , and closes, we could see a further depreciation back to the recent lows in the current trading range.
Many technical traders will be wary at this level due to the recent weakness in USD. The pattern will only be completed once the prices trades within the so early traders could be punished as the price could break through the top of the range and continue higher over the second part of the year.
Due to the weakness of USD, traders looking to take this trade will want to place the stop loss close to the outer or above the last wave.