Falling wedge appears to be formed on the chart. This pattern often leads to trend reversal.
To support my view, I see long term support levels on daily and weekly charts.
Also noted RSI divergence on 4h chart.
My expectations is to enter the trade once upper trend line of the wedge will be broken. I expect this to break out at 82.00-82.30 level, and take profit targets would be equal to distance between trend lines at the start. This would pretty much match 0.5 fib retracement levels. So if break out levels are correct I would take profit at 85.20-85.40. My stop loss would be at 81.30. After move above 83.30 I would take my SL to break even.
ENTRY: 82.30 (after break out upper trend line)
PROFIT: 85.30
STOP: 81.30
Move above 83.30, takes stop loss to break even or few pips above (eg.: 82.35)
To support my view, I see long term support levels on daily and weekly charts.
Also noted RSI divergence on 4h chart.
My expectations is to enter the trade once upper trend line of the wedge will be broken. I expect this to break out at 82.00-82.30 level, and take profit targets would be equal to distance between trend lines at the start. This would pretty much match 0.5 fib retracement levels. So if break out levels are correct I would take profit at 85.20-85.40. My stop loss would be at 81.30. After move above 83.30 I would take my SL to break even.
ENTRY: 82.30 (after break out upper trend line)
PROFIT: 85.30
STOP: 81.30
Move above 83.30, takes stop loss to break even or few pips above (eg.: 82.35)