it has been impulsive move within larger corrective structure. 4hr has been overbought. I believe one must try to short with tight Stop loss. I would seek at least 61% retrace on fib levels
Trade closed: stop reached
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trade got completely destroyed. I was suspecting this. just bounced from Trendline. This will continue upside for while.
@Fairuzzabadiy, yes I will look into it and publish but be very wise about this EU trade. DXY is on crucial point to decide the medium term direction. I am bias on DXY long so forecasting EU downside. This can impulse out in midway around 1.08ish towards 1.10-1.11 although larger trend is towards parity.
@Fairuzzabadiy, Appreciate it. Now about GN .. I don’t think it has any setup for now.. but i would be looking for sell setups. it might get extended for 1.87XXX but i am not elated enough to go long or short at this levels on lower time frame. I hope this helps you to form opinion. I hold view that GBP will sink to 1.14 in near term. it depends on NZD which is quite inconclusive at this point.