I believe price will fall to the highlighted region before making its way up.However, I will not be entering a short trade down to this region due to the fundamentals at the moment, but if you dont trade using fundamentals now would be an okay time to enter i believe. I think that price is in a fakeout phase at the moment due to the low volume and consolidating price on lower time frames. I will be patient in waiting for it to come into this area and then place a 2% risk buy upwards hopefully targeting a 1:5.
I would strongly suggest zooming out to the higher time frames. On the daily chart you can clearly see that price impulsed up and then a corrective back down followed and the natural order of price action is usually impulse, correction, continuation. Of course effectively swimming against the tide will play out in your forecasted direction from time to time, but over a large sample size of trades it most definately won't. ✌🏻
BENC-FX
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@StewySongs I’ve looked at higher time frames to be honest mate just expecting a bit of a deeper retrace before the continuation to free up liquidity but thanks for the insight mate👍🏼