Extreme contraction of the range inside triangle continues. Market shrinks in relation to support 14.5247, which most likely will be broken to the downside.
But there is enough space in the triangle so far, therefore the pair probably will wait for reaction on tomorrow’s Non-Farm Payrolls.
We note the borders of potential accumulation range between lower Bollinger band and trend line (14.5176-14.5991).
On hourly chart currency pair corrects intensively to the upside. There is a probability of movement above resistance 14.6210, that would drive to testing of 14.6857 region. Thus it’s the most optimal zone for mid-term short-trades.
Main scenario: Growth to 14.6857 and then decline to 14.5610.
Alternative scenario: Flat in the 14.5610-14.6210 range.
Shorts from 14.6210 and 14.6857.