If you look at your monthly chart, this pair is forming a right shoulder retracement up to the 1.9733 level. A review of the daily timeframe
shows that the market broke the downtrend line at 1.8300. This was the buy. I've put in a lot of effort in Trading View expressing this buy. I feel this is a major reversal, only a part of which will be driven by oil
. This is more or less due to the potential push north on the monthly chart. The market is moving in a pullback pattern and now we will see the next future high at the 1618 extension
at 1. 8750
I plan on minimizing risk buy pulling back to the trendline
. and keeping the stop on the next move tight. Generally, I risk no less than 3:1. The recommendation is to buy CTL breaks up to 1. 8750
. I would look for the next u-turn at roughly 184.20 with the stop 30-40 pips below going to 1.8549. Remember when you think about oil
more money trades on FX than on oil- more than 5 trillion traded in FX, more than any of the other markets combined. FX market is very powerful, and this is a pattern which I am not ignoring.