The weekly time frame shows a bias and a rejection of the 100 a few weeks back, so personally I'll be looking for a breakout to the downside.
This 4HR chart shows that price action has been ranging in a tight area for 2 days now. The price has been ranging below the 100 , the psychological of 121.000 and today's .
I'll be looking for a breakout to the downside, although a breakout to the upside may also occur.
To avoid any unnecessary losses caused by those pesky false breakouts, I'll be waiting until these three things happen:
1. Price closes below or above the trading range
2. Price pulls back to the original breakout price
3. Price continues to rally in the direction of the breakout
If you waited for the pullback to happen on the 4hr chart, you would have missed the entry. However, this is where multi-time frame analysis comes in handy.
If you look at the 5 minute chart, you will see that price violently spiked outside the consolidation box, then retested the edge of the box and then posted a strong bearish candle in the direction of the breakout. Enter a sell entry there and you'd have banked up to 70 pips in a few hours, depending on where you put your stop. Others may wish to continue holding the trade to catch the full run.
Hope you found this analysis useful and happy trading!