What we could possibly see here is a chart pattern Ending Diagonal playing out on this pair. Diagonal patterns are simple technical patterns that offer tight zones of entry and exit. Many times, the risk-to-reward ratio of the diagonal pattern will better than the 1-to-2 ratio. Enter on a break below this trend line as a break indicates a high probability the low of wave 5 is in place. Place your stop loss just above the swing low of wave 5. Place your take profit at the beginning of wave 1.
