Possible wedge with resistance at 1.68. if broken, based on recent moves could reach 1.7, also a psychological barrier. It usually comes back down and tests the resistance levels, hence the retracement. This coincides with a rough channel pattern.
Then the measured move from the wedge is 1.73 which could be a possibility if it breaks 1.7 and we have lots of hype around the ~ 5 year high.
The other possibility I have shown in red is the false break out and continuation of the wedge pattern, setting up for a potential break out further down the line.
Then the measured move from the wedge is 1.73 which could be a possibility if it breaks 1.7 and we have lots of hype around the ~ 5 year high.
The other possibility I have shown in red is the false break out and continuation of the wedge pattern, setting up for a potential break out further down the line.