this is what i call "False Breakout". I've posted an analysis on this pair in the last days but i was unable to take that trade (fortunately) as explained there (see attachment). Nevertheless, i'm not in any correlated trade right now and i can indeed take this trade if the market will let me do that. The reason i think this could be a false breakout is due to the very strong reaction we've had after the break of that daily structure (yellow box). In the hourly chart (this one) i also see a small break of intra daily support: this gives me an edge and i'm placing my order with the blue line, with stops above the highs, and targets as shown.
If you have any idea/question, feel free to comment below. Otherwise, see you in the next chart!
Trade active
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Trade closed: target reached
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First target hit! Stops moved to breakeven. Btw, i've just published the latest videoanalysis, click the link below to see what i'm looking at this week!