I published a LONG idea for this pair and got it wrong by about 3 days. Wrong is wrong though. The previous move down was a 76% retrace right on the button. This move up has started a retrace and has almost but not quite made the 50%. A conservative target would be the 61% but I do think it's got legs to get to the 76%. I expect the final leg up may well come in after a blip down first. Hopefully, this idea will be right.
Dear it’s formed H&S pattern on 1 hour chart I hope you have not entered long position.
nelsyboy
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@umairkhlil, Thanks for pointing that out. I'm already long after the daily chart bounce off of 1.2248. I don't look at anything below the daily because I try and pick deals that keep me in for the long haul and I find lower time frames distracting. I did expect a blip down today but back up from Monday. That's the thinking. Hope the market thinks the same !!