@vijaymalgaya, Hi, yes I would expect this to retrace to 1.7400 to 1.74750. That falls between 0.382 and 0.5 Fibonacci. This was hugely overbought due to the volatile markets this week, they have calmed now so this will surely have a correction now.
@ze79com, Yes this has clearly broken above now. GBP has been very strong the past few days, I believe this is due to the volatility in the market this week and people have been going to safe haven currencies. This pairing is now very overbought though, RSI is well over 70 so if you are in this trade you can expect a pullback soon or an opportunity to short
@electronicAnte40786, Hi, Unfortunately this looks like it has broken resistance so it may continue rising from here. If you entered the trade you can wait for a pull back and close at or close to a breakeven. I would not of entered this trade as the price just continued to rise and did not show any signs of turning back on the MACD and EMS's. You can also check on the 1 hour timeframe using these in future to help time entry to a trade.