Following the breakout of the 4HR descending trendline were looking for a retracement before a bullish continuation. -The 50% FIB lines up well with previous structure - Possibility of the 50EMA acting as dynamic support following the retracement back to the 1.6700 region. - Looking to go long on this pair if provided with supporting evidence at lower time frames. (Price needs to break 117.140 support)
Any feedback is appreciated!!
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Caught a nice short on this back towards the 116.700 region 26 pips running.