EU has been down trending for some time now and just broke below 1.14500 which is a crucial level. We had LL & LH established and then continued to descend once again and now we have our pullback to the 78.6 fib level. Last night we had two stop hunts and now an engulfing candle. Also on the 4hr we had a lot of wicks which means buyers are being exhausted and leaving the market. Im looking for 1.13000 as a target which would be around 70 pips from entry. With a 40 pip stop loss. One other thing is that we are entering Asian consolidation time so we may not get an entry till later tonight around London. This all agrees with the dxy as well.
Comment:
TP HIT +70 PIPS