Long trading idea. Beautiful morning start formation on the monthly chart with gives me a bullish bias. Price pulled back to 0.5 fib and 1.27 support, forming a descending wedge continuation pattern and then breaking out to the upside with a bullish engulfing on the daily. Decent R/RW to next weekly level at 1.32 But I will close it down early if daily starts to break down to the downside.
There is some risk to this trade too, because the daily pullback was not deep enough and we could argue there is resistance at 1.275.