Tendency: Downtrend ( )
Structure: Breakdown | |
Observation: i. Price action fell into an indecision pattern since early June 2020 to finally Breakdown of the Channel late last week.
ii. Breakdown off of 106.500 signals an extension in the decline of the USD as I anticipate a correction into this level for rally continuation.
iii. A Breakdown coinciding with @ 106.000 further confirms my bias.
Trading plan: SELL confirmation with a minimum potential profit of 160 pips.
Potential Duration: 4 to 10 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.