This pair has been forming an ascending triangle for quite some time at these levels. Tuesday’s bar did nothing to invalidate that as it found support at the bottom of the triangle. The triangle is getting long in the tooth though, and recent measurements suggest that it needs to break in the next few days. If it does not, we could see a bit of a “trend line†break, and drift back to 0.98 before it is all said and done.

A break of the top of the triangle at 1.02 measures to a move to the 1.09 level, very bullish indeed.