Was all the volume last week traded 'on market' ??
If so, I expect there was pretty strong buying on this weeks narrow spread high volume down bar - that is generally a bar and volume to take note of.
Especially as there can often be an expansion in spread or range after a contraction in spread like that.
I don't know what sort of trader/buyer you are, but a short term trader would buy a break above the high of this weeks bar (with a stop below its low if you use stops), as all that buying would likely have caused a short term supply vacuum to develop and price might accelerate higher in response (at least temporarily).
It might not be a very long trade to hold, but if you are after pips, that would be a strategy. Keep in mind there is increased risk and reward buying at these levels.
Whereas an investor or medium term buyer would probably be better served waiting for confirmation, and potentially a clear breakout above the range (you may be giving up some potential profit doing this, but would likely be reducing risk in return).
Or perhaps a mixed strategy of the two can be confined if the initial buying is successful.
