As you can tell from the chart to the right, this pair has been consolidating in a fairly narrow channel since last Friday. We can expect it to break out at some point and when it does we'll be ready. We'll vary the usual trading strategy for a break out trade. I'll enter on a break out on the 15 minute chart this time and move to break even at +30 pips. If it goes north, it could reach the 800 sma, if it falls I'll target the lows at around 1.0850. I'll keep you posted.Happy Trading!
