The pair is showing a classic pattern indicating that a breakout might be imminent. CAUTION IS ADVISED THOUGH! Notice how the last four candles are getting smaller as it approaches the downtrend line, which might indicate that the pair is losing momentum, or it is calling for a pullback.
For traders looking to long, wait for a breakout and retest of the and buy from there. Alternatively, we can open a buy from the
50%-61.8% retracement levels around 72.00.
Trade safe and feel free to comment your views!
Price made a strong 4H bearish candle near the upper line of the channel, also notice the inside bar formation. Should the inside bar break to the downside, traders looking to sell can enter and target 72.20-72.00, while keeping SL at just the previous high at 73.05-73.10.
Keep SL the same. The pair will have more room to the downside!