We have 2 ideas in one post here both a BUY and short term SELL postion after weeks of being in the accumulation stage (green box)we finally got the break out higher this week with the biggest move happening yesterday after the PCE US data.
What normally happens after an accumulation breakout is you will get a pull back towards a newly formed DEMAND/BUY zone or the high of the accumulation structure which I have marked with the green line where you have both a newly formed Daily DEMAND/BUY zone and a previous high so you should see a pull back to this area this will be an area where I will look to buy again to target the 0.96 area market with the RED BOX.
So where is it good to SELL to benefit from this pull back ??
Where price now is a good area to look for a short term SELL as you can see marked with the arrows we have reached a strong WEEKLY resistance which has acted as both a support and resistance area previously and gets a reaction everytime price reaches here. Looking at the lower timeframes price is extremely over bought so I expect a sell off early next week from this area so will SELL on Monday when markets open.
Sell entry will be 0.941 stop loss will be 0.954 take profit will be 0.927