This pair has created a pattern on the 4hr chart retracing from the 78.6 fib level twice marked on chart with green check sign and has reached successfully the 1.27 fib extension. We will be taking profit at previous 1.27 fib levels that were previously targeted by the bulls and for our TP 3 will be our 1.27 fib extension level for max profit on the trade.
Our stop loss will be below our trend line at 152.00 in which will give us over 600 pips if correct and almost a 4:1 reward ratio. Once our first target has been met we will move our stop to our entry price.
Comment:
If we begin making new highs from here we will adjust our entry and our TP 3 level but TP 1 and 2 will remain