-There are two ways in which we could enter this pair on which is either to enter on reversal to the demand zone -Or either we enter at the breakout of the 1.26133. -Either way there is strong bullish momentum indicated by the break of the ascending channel. -The 50 EMA is also showing the bullish signals for this pair. -We will have to wait to see how price will react to these levels and look for strong bullish candle confirmation for entry.
Trade closed: target reached
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Comment
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Even though price did not reach the 23.6% fib level, the was a reaction on the demand zone and strong bullish confirmation to enter the trade. The risk to reward ratio for this trade was 1:6 This trade closed on the Friday!