Currently watching this pair very closely, as it's forming a Bat pattern
with completion near a supply level
, which gives us a higher probability trade. There are also two well defined targets for this Bat pattern
. First target around the 38.2 retracement, as there is a strong structure level and then a second target would be the confluence between the 61.8 retracement and the demand level
The second target provide us another trade opportunity, in this case, a long opportunity with targets around the 0.8956.
If the demand level
is reached before the completion of the Bat pattern
, then we would like to be on the bulls side with max taking profit level at the completion of the Bat pattern
and then go short from there.
Any direction prices takes from now, it's good to be prepared and have a trading plan.
Good luck to everyone!