Hello, looks like we have a head and shoulders pattern forming with this pair. I will be placing a sell limit around the lower band of the resistance zone at the price of 1.2600 and I am expecting a drop towards the key level I highlighted with red eclipse around 1.2500. However I am expecting further bearish movement towards 1.2400. I will be placing my stop loss above the high of the left shoulder and knowing how these patterns do take a bit of time to form I will be patient but will keep my eyes on the chart. This will be a good move with love risk and high reward.
Please like if you agree and comment with your thoughts :)
Please like if you agree and comment with your thoughts :)
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I opened one position at 1.2650 having the Fibonacci align accordingly I am in on this one. It will take awhile so I am looking at holding for a few days and I am currently 35 pips in profit. Will let you know how it goes.