I believe there is a false breakout here, price also looks like its going to hit for a second retest. Took the trade due to price hitting a rejected area before. Correlation between GU also. TP is set down at the 61.8 fib level. Hopefully price begins to fall soon.
Thanks I understand your reasoning, news significantly over drives this pair which why its always high on steroids re price behaviour.
Dips007Trading
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Why do you think its 'false break' out to the extent of 300 pips? Was it really caused by investors buying or massive short squeeze being triggered. I am interested in your opinion.
decmcl
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@Dips007, false break due to the price respecting minor downtrend since April but major downtrend since Corona. Break was around 200 pips. Bears are still in control long term I believe. I know its an ambitious false break ahaha. Thanks for the comment tho pal.
Saad594
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@Dips007, personally, I dont think its a false break but that buying pressure cannot be sustained we have already seen a rejection on d1+ oversold condition on h4. Another reason is that brexit developments seem to be not making progress, even if they are all it takes is one negative comment from either the EU or Boris and we will see a drop out of oversold conditions and a sustained drop until a break through.