Pair has been trading in a range from 1.885 - 2.01 for the last half year. Always it seemed that new high or new low was made. This pattern could qualify for an expanding triangle. Although the point 4 is not lower than point 2 the idea behind this pattern is the same. Few fake breakouts in both directions. The highs were taken out each time, last time even with a gap down giving more credibility that the breakout was fake.
The weekly chart looks also very bearish. It seems that a new high has been made just to initiate buying. However if the current price level holds and price continues to go above this 2.00 level there is plenty of room to the upside.
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