Starting the analysis with the weekly chart, we can spot a small break above the existing triangle, during the last 3 weeks. This does not invalidate the triangle altogether, and we can still expect a bearish move back inside the triangle, and potentially lower to hit the boundary. Price-wise we may be looking as low as the 1.29 key level.
Zooming into the daily timeframe, the previous analysis suggested a consolidation period (box) up to the 9th of November, which will continue with another similar box above - we can see that the price is still inside the 2nd box. Following the standard consolidation pattern, we are now waiting for a 3rd and 4th break in either direction to indicate the following trend.
On a upwards break, we can expect a minor bullish trend up to the 1.329 area, which was a previous significant high around July.
On a downwards break, we can follow two different ideas: the key levels (1.3 and 1.29), and the fib retracement levels (50% around 1.3, and the 71-78% area around 1.29).
Zooming into the daily timeframe, the previous analysis suggested a consolidation period (box) up to the 9th of November, which will continue with another similar box above - we can see that the price is still inside the 2nd box. Following the standard consolidation pattern, we are now waiting for a 3rd and 4th break in either direction to indicate the following trend.
On a upwards break, we can expect a minor bullish trend up to the 1.329 area, which was a previous significant high around July.
On a downwards break, we can follow two different ideas: the key levels (1.3 and 1.29), and the fib retracement levels (50% around 1.3, and the 71-78% area around 1.29).