This trade idea is for demonstration and educational purposes only and does not constitute a signal to enter an order. As we look at this pair, we see that price exhibited a strong break to the upside out of a bullish pennant as noted. Price is approaching a key zone in the market. According to market structure we can expect a slight pullback. As I study this pair, I am watching price action around this key zone as noted for indication that price will reject this zone. In the open of market this week, I am looking for price to exhibit a bit more bullish movement towards the key zone as noted. After which, my inclination for this pair is that price will pull back to at least the lower key zone as noted before continuing up to higher highs. This zone also offers trendline confluence. Again, please note that before entering a sell we want to watch price action around this key zone for indication that price is rejecting this key zone, and pulling back. If rejection does not occur, this idea becomes invalid. This pullback idea offers a possible 100-125 pip move.
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