Inside technicals and chart patterns by 
This is a Continuation Pennant formation which I have to mention is occurring in a downtrend. The mark down cycle IS NOT the correct environment for a pattern line this BUT…here’s what you can do:
Consider that formations, patterns…whatever you want to call them are simply the culmination of trendline, support, and resistance. In this example of the pennant there is a very nice downtrend line and frankly this pattern could probably be considered a falling wedge from its appearance. Regardless of what you call it, the downtrend line is identifying resistance and this is an opportunity to watch for a reversal on the short term time frame going into the Asian session.
The trend is still strong as you can see by the Initial Trend reading - further justifying the downtrend line’s importance!
The 1,4250 level should be watched as the breakout level as it’s both the current location of the trendline’s resistance and a major psychological level. There is likely to be a hurdle at the 1.4280 minor psych level as this level is a ceiling right now (red line). Watch for breaks below the 1.4232 level as this will not only be a breakdown but also the area your stop loss can be placed. Remember the blue line is support and you want your stop lost just below that.