The rising wedge pattern as shown on the chart terminates at the monthly descending trend line.Looking to short around 1.3500 (+/- 20 pips) to target 1.2900. A successful break of the trend line invalidates this idea.
I’m still expecting a short around 1.3180 – 1.3200, but before then we have a nice long opportunity.
As indicated on the chart there’s a nice confluence of trendline and lows of September 30 and October 7.
Watch price action at this area and buy when rejection is confirmed.
Looking to short at 1.3180 area which is 61.8 Fibonacci retracement of 1.3482 to 1.2675 swing. There’s a possibility of price retracing to 78.6 fib level or even back to 1.3482, so will be using a tight stop loss. See additional information on the chart.