The pair rallied strongly on Friday breaking the resistance at 1.3235, ending the possibility of a decline … trading is limited within a symmetrical triangle pattern and we see the four-hour timeframe … it is better to stay neutral until the signals determine the direction of the price.
Breakout Resistance 1.3330 The upside-down head and shoulders pattern shown on the chart may be used as the next targets around 1.3435 as the first target, then 1.3545 as the second target and then the resistance at 1.3655 as the third target.
A decline and break of support 1.3115 may be sufficient to activate the triangle pattern mentioned and the pair could then target the support of 1.3015 as the first target, then 1.2905 as the second target and then support 1.2790 as a third target.
