We are aproaching the 1.11600-1.11825 resistance zone and we might be touching the descending channel for the third time, so 2 different scenarios are on the table:
For longs: -Wait for a clear breakout of the channel and a re-test of the resistance zone.
For shorts: -We have rejected the 200 MA on the daily chart; -Wait for 1D red candle close below the 200 MA and look for an entry on the lower time frames; -Use stop-loss above the resistance zone.
This is not financial advice.
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We broke the descending channel and the resistance zone. Wait for a re-test to buy