Now last week I went short on this pair and banked a couple hundred pips. I just put out a video on how I will be looking to do the same thing this week.https://youtu.be/C6kYS1FAQ80
I do believe that its not out of the realm of possibility to see this pair retrace down to 111.000. Which as you can see is only a 38.2 Fibonacci retracement of the entire leg up.
Here on the chart we have a potential 2618 setup that can be used to enter on the short side.
I myself will be looking to take off the first half of my position around 115.26. That way I can lock in some profits and then look for some extended targets around 111.05.
Now I know that the popular opinion out there is "Dollar Strength" but I think we might start seeing some relief in the dollar, and I believe that this potential setup my provide a great opportunity.
As always, follow your rules and trade your plan.
Good Luck and Good Trading
I do believe that its not out of the realm of possibility to see this pair retrace down to 111.000. Which as you can see is only a 38.2 Fibonacci retracement of the entire leg up.
Here on the chart we have a potential 2618 setup that can be used to enter on the short side.
I myself will be looking to take off the first half of my position around 115.26. That way I can lock in some profits and then look for some extended targets around 111.05.
Now I know that the popular opinion out there is "Dollar Strength" but I think we might start seeing some relief in the dollar, and I believe that this potential setup my provide a great opportunity.
As always, follow your rules and trade your plan.
Good Luck and Good Trading