Trade Scenario 1: Bullish - For us to go long we need to see price retrace to our edge of value at 1.2040. We will then wait for price to find support and enter on strong bullish setups, first targeting previous highs around 1.2075
Trade Scenario 2: Bearish - For us to go short we want to see price break below 1.2040. We will then wait for a retrace and for 1.2040 to act as resistance. Enter on strong bearish setups, first targeting our edge of value around 1.2015