This is a trade that i will be keeping a close eye on, i will be looking for the market to come down to 1.0800-1.0820 before taking a long position. We have a risk to reward ratio of almost 2:1 and we have a 382. retracement falling on a major support structure and usually when we have a 382 retracement
the ABCD pattern
comes to mind and 1 to 1 harmonic
move of this pattern will terminate exactly where the bat pattern
completes, that area happens to also be a major resistant level. So in terms of structure, this is as good as it gets.
Watch my weekly video to see my in depth analysis on this pair as well as the GBPUSD
Structure: How to make money in the forex market (must watch)