IF we look to the Price Action of the later part of last week we see

1. Rally – on Thursday in Asian/London sessions a move from 96.06 to 97.87.

2. Base – from this high of 97.87 to 96.71 over the NY to Asian Session on Friday. This corrective pattern was a Bull Flag conferring a continuation to the upside.

3. Rally – from 96.78 – 98.30 in the London session on Friday.

4. Base – another corrective pattern , this time a symmetrical triangle , forming in the last NY session. These Triangles can break in either direction.

Price has moved up to test the Daily Fair Value Gap , established on Tuesday 3rd September.
The present Triangular consolidation is testing the Midpoint of this FVG.

Considering a trade entry , the Bias is long based on the 55MAV above the 100 MAV.

Momentum is suggesting price is likely to break the Triangle to the downside, as we can see Bearish Divergence printing on the RSI.

Volume is suggesting Divergence as well to Price.

ENTRY
IF this does occur, the area of interest would be around 97.20 . Why ?

1. The Optimal Trade Entry sits around the Fibonacci 70.7 Retracement level = 97.30 , for Trend Continuation.
2. The 50 MAV is currently 97.25.

3. Intraday Demand Zone is at 97.15.

STOP

It also allows a valid point for invalidation of a long trade from this area, with the low of the Bull Flag acting as in intermediate Swing Low.

Target

1. Symmetrical Price Swing – 99.70 , to front run the daily Resistance at 100.

RR = 3+