As you know last week we sold this pair hard . Trend is still bearish . So we wait to psychological point of entry as shown on the chart . We will have to monitor the buy limit and check candle stick pattterns and other formation to see if i needed to amend entry or cancel the order.
We keep you posted .
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Ladies and Gent , As promised . here's my update on the buy limit on this pair .
1.03923 , Acted a support this morning and that area was tested twice . Now i am waiting for a retest of that point to see if the bearish momentum will continue to my buy limit .
Please note , if price is rejected at 1.03923-1.03900 , then i will open my first long position . Target will be 1.04200 . using trailing stop .
However if price breaks 1.03923-1.03900 with the momentum to show more downtrend pressure , then the first buy opportunity comes at 1.03840-1.03800 and second buy opportunity is the original entry as stated on the chart .