Im looking at a Long opportunity on this pair which could offer great risk reward...
Around the 1.5400 even handle is solid trend line support that has been tested a number of times, 0.382 and 0.618 Fib retracments and a 1.272 Fib extension...
Ive highlighted on the RSI a possible oversold area as price still has 100 pips or so to move...
If we get to this zone i will be watching price carefully to see if we can get a good entry as it could have a potential move back up to trend line resistance around the 1.6100 which would be a more long term position...
Shorter term targets at around 1.5650 is still a solid 250 pips.
Any likes, comments and or constructive critisism is welcome! Your support means alot!
Comments
arbhunt
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Nice post! I like the look of this one too. I'm looking for a triangle breakout to get in on the trade.
SmartTradingFX
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Thank you for your comment! Your support means alot! I think if price gets there it will be a great opportunity! Have you posted an idea on a triangle breakout?
arbhunt
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Just posted the breakout triangle. Not quite as detailed as yours but certainly backs up your idea. Thanks for the great post and confirmation!