As you can see from the chart there has been a sharp impulsive movement to the upside which has signalled a change of Trend as it has taken out two prior Lower lows which is THE AB leg of our pattern price has retracted bouncing off a major resistance at around 104.00 forming the BC leg. We are now awaiting bullish movement to the upside.
Trade active:
the stop loss needed adjusting down to the bottom of the wick, however we are no 82 pips up, will bring the stop loss now to the 0.75 on the fib to guarantee profits