Why am I saying it?
First - 0.7 Is 200 pips away and its the 78.6 Fib and also a major monthly .
Second - The setup shown in this chart:
pattern, Fibs extensions confluence zone and daily Outside bars can play out to be a nice setup for a short term/mid-term pullback move of about 200-400 pips.
With stop loss below 0.716 you get all the patterns covered but there are other ways to play it if you are a short term trader and not a swing trader.
Read the full analysis and more interesting trading ideas for stocks and FX in this week's newsletter:
Become an Elite Zone member:
Subscribe to the newsletter (free):