This article will focus on technical terms, it seems that sellers are slowly losing momentum on this pair, recently breaking the bullish trend line and never coming back to kiss it. To take advantage of this trade the moment you see, I will personally suggest you go short on it to 108.614 and having your stop loss at 109.253 and this is not only a suggestion but what I personally did to take advantage on this pair on the short-term run.
Looking at the bigger picture of this pair, it might potentially form a head and shoulder, for additional confirmation, the Yellow highlighted zone is equivalent to our famous 61.8% which is our target price of 108.614, that zone may actually play a significant role at driving the price up. If everything goes according to plan at that zone it may "partially" confirm a success of the H&S Pattern, the reason why a state "partially" is because we still need to go long to at least 109.420 and having a rejection there to fully confirm our H&S Pattern. The point of this article is waiting for an opportunity at 108.614 to go long to 109.420 after we short-term sold it to the same opportunity of 108.614 to make real cash and keep riding the Pattern.
Looking at the bigger picture of this pair, it might potentially form a head and shoulder, for additional confirmation, the Yellow highlighted zone is equivalent to our famous 61.8% which is our target price of 108.614, that zone may actually play a significant role at driving the price up. If everything goes according to plan at that zone it may "partially" confirm a success of the H&S Pattern, the reason why a state "partially" is because we still need to go long to at least 109.420 and having a rejection there to fully confirm our H&S Pattern. The point of this article is waiting for an opportunity at 108.614 to go long to 109.420 after we short-term sold it to the same opportunity of 108.614 to make real cash and keep riding the Pattern.
