Based on the H4 chart analysis, it appears to be forming a triangle chart pattern. If the price breaks out of this pattern, a sell entry will be placed at 1.2424. To limit potential losses, the stop loss will be set at 1.2477, which is just slightly above the swing high. The take profit level will be at 1.2350, which is a significant support level. It is worth noting that a break out of the triangle chart pattern could indicate a continuation of the current downtrend.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.