Prepare for Action: 1000 Pip Move On The Horizon ??

We're approaching a key area on the chart that holds massive potential. It's the Monthly SUPPLY/SELL zone, a zone that emerged in 2020 during the chaos of CV when we witnessed an incredible near 1000 pip spike in just minutes, reaching an astounding 2.17. While revisiting those levels may be unlikely, we have a great short opportunity.

Here's what I want to see is a climb towards the Weekly resistance level at 2.10, marked prominently in RED on the chart. This level presents a prime area for considering short positions, although hitting it precisely may not always happen. Timing and adaptability are key.

Consequently, my strategy involves keeping an eye out for SELL signals as we edge above 2.09 and incrementally building a short position. The profit potential for this pair is substantial, with an initial target at 2.05, denoted by the green shade. Not only does this level serve as a former weekly resistance, now turned support, but it also possesses the appeal of being a round number.

Once we reach 2.05, anticipate a potential bounce towards 2.075, followed by a significant SELL OFF that could drive us towards the 2 handle and even lower. This move has the potential to yield several hundred, if not over a thousand pips.

I hope you found this analysis insightful and engaging. If you enjoyed it, I appreciate your support through likes and follows!

Order cancelled:

The analysis for this setup went as planned we got the rally up slightly above 2.09 though it did go any higher I was looking for a move a little bit higher towards 2.10 so could get the entry so missed out on this one.

As expected the first target would have been 2.05 which has been hit so I will prepare my self for a move up towards 2.075 so can get in the second swing down towards 2.

Going as planned