Tendency: Downtrend ( )
Structure: Retracement | Trendline | Breakdown |
Observation: i. Breakdown of my Key zone @ 6.98000 followed by a retest of this zone in the following week confirms my bias on this one.
ii. Correction of Breakdown impulse leg appears to culminate at my key zone which is 61.8 retracements.
iii. It is also worthy to note how selling pressure has been strong at the corridors of my since it's inception in June 2020.
Trading plan: SELL confirmation with a minimum potential profit of 600 pips.
Potential Duration: 3 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
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Past performance is not necessarily indicative of future results.