I think the upward impulse will continue and the pair will easily reach the strong resistance zone between 1.2600 up to 1.2655 and then starts to fall downward to 1.2400 down to 1.2270.
So im gonna start a trade as per below setup:
Entry point: between 1.2600 up to 1.2660 depending on price action or step by step entering.
Stop Loss : 1.2670
Take Profit : 1.2400...
We saw o huge bullish move last friday getting passed the 100pips mark. We are now waiting to see some retracement with the price correcting to its down trend. Our main target is 0.618 fibonacci lvl. After running +20pips we will modify our SL to breakeven and lets hope to see our final 100pips target hit.
A break of sideways consolidation may open up a shorting opportunity for this trade.
Harmonic Patterns Trader can look for Bearish Pattern to engage the trade, structure traders could wait for retest of resistance to engage the trade.
Short continuation idea.
pending sell stop set at 1.27950 5 pips below recent lows on the 4hr TF
Initial target is recent structure lows 1:1 risk and then a 2nd target at the 1.27 inversion of the pull back on the Daily Tf which falls in line will lower structure.
//Recommended Risk Ratio : %2 Max
WHAT YOU THINK?
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Please note I am only providing my own trading information for your benefit and insight to my trading techniques,
you should do your own due diligence and not take this information as a trade signal.