The black create a daily (D) .
The blue indicate the direction of the new downtrend that started on November 28.
I expect the price in the to rise. This will be the retracement that reaches the blue . when the is respected I expect a new lower low (LL). This decrease will lead to the price of 112,350.
You have to be there to take a short position after the support is broken and a pullback occurs. If the bulls lose the power on the market, take a short position (below or at point 112.350).
Set your (TP) target profit to 111,769. When this is achieved you can choose to hold your position or take an extra position.
The second (TP) target profit is at 110,938.
When the findings are correct, we have a profit of:
- TP #1 +/- 60 pips
- TP #2 +/- 140 pips
The safest place for a stop loss is point 112.700 (35 pips). You can of course always adjust this. This is due to the operation of your own money management.
Be aware of the NFP tomorrow. This can ruin/support this whole analysis.
I hope this can help you and if you have some feedback please let me know.
If you took a short position here, we could have identified the following profits:
Bounce trendline to support line: +/- 70 Pips
Congratulations to the people who took a position through my analysis.
I hope you will keep an eye on my next forex predictions.