Price was in a nice downtrend but the trendline was broken after printing a double bottom formation post the FOMC announcement. Price immediately rushed to the 0.7310 area where prior the bearish trendline touch was made and after coming to this area price started to retrace. The retracement went a little bit too far than ideal (0.7236), but still considering the break of the double bottom (db) neckline and the limit of the db being around 0.7340, also considering the Fibonacci target (-0.27) exactly matching that price and lastly that area also matches with the next target for the bearish trendline break, there are lots of confluences to go long on this pair.
Trade closed manually
Comment:
Partially took profit in the 0.73 area and closed the remaining in little profit around 0.7265 because of the selling pressure but price still could reverse if doesnt break 0.7220 support area. I will be eyeing new setups before entering another trade.