I wanted to place a buy near the trendline but i I now see this pair going up for several reasons as listed below:
1) This pair has been rallying up and as long as it is above the monthly support of 128.130 I will continue to go long
2) There has been this type of consolidation since the 10th of July but I believe it will continue to move up as it has been making higher lows
3) It bounced of a critical fibonacci zone 61.8% where there was much resistance possibly turned support now.
If it breaks the trend line I will look for short opportunities
1) This pair has been rallying up and as long as it is above the monthly support of 128.130 I will continue to go long
2) There has been this type of consolidation since the 10th of July but I believe it will continue to move up as it has been making higher lows
3) It bounced of a critical fibonacci zone 61.8% where there was much resistance possibly turned support now.
If it breaks the trend line I will look for short opportunities