Looking this pair in the daily chart we may see that price has bounced from a key zone, having completed a double bottom pattern. In the 4h chart we have a pending reversed head and shoulders pattern which can be traded with two ways.
First we may go long from the level of the left shoulder for a much better risk/reward ratio trade setup. A safer way is to wait for price to break above the neckline of the pattern and watch for any buy setups to complete.
Price is closing in on that projected low for wave C, only once we test that area my minimum requirements for a high potential reversal are in place. Good trading to you!
IchabodCrane
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What are your thoughts on this pair now? I'm still long, but seeing some professional guidance that is decidedly bearish/ short in the near term. Thanks.
forexmech
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Thanks mate. Great place to long again.
Hiisham
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what about buying the Fibo 61 ?
Fxprotrader
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It almost the same thing..
ReneK
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Nice setup, i think its going to 1.45 …
Fxprotrader
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Thank you.. It has great potential.. Let's see..!
mehmettt12
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1.45 huge target :-), my target 1.22
ReneK
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Its around 1.040 if you see this chart.. we will see it goos to 1.22 good Luck !