Play Your Options
Looks like to me the market is making a triangle pattern from the higher timeframe perspective. Now the triangle is my second prediction of what will happen because support and resistance have been driving this market. Buyers keep getting more eager towards the lows and vice versa for the sellers. I would play the triangle range given a reversal pattern the other way. 1.08 is buyers territory, and 1.10 is seller territory. If this were to squeeze I would be biased to the short side still. There are still a couple scenarios where this could get up to new highs and still be a downtrend but I am not worried about those at the moment. Watch for false breaks also. Id look for a retest before trading any break. Enjoy your trading for the rest of the week. If you are already long I would target 1.097. To those holding shorts I hope we start that break down to 1.03 soon
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