An opportunity to sell this pair as it's broken through a support line during a downtrend. The 4 hour chart is showing strong bearish price action and I believe the pair will head down to the next structure low and support area. The other possibility is that when markets open, price could come back up and head towards upper resistance line. However, on the 1 hour chart, price broke upper dotted trend line, formed a spinning top, came back up to retest putting in a small bullish candle which was engulfed by a bearish one thereafter.
Comment:
Trade was actually taken in the upward direction when markets reopened towards upper solid trend line.
Trade closed: target reached:
Target reached for 151 pips. Happy with trade and also happy that I anticipated the move up instead of down when markets opened.