Expect a retrace to the downside and after what BUY. ( this pair is touching a 4HRS support for the third time. you can as well put a buy limit at point 121.265; that is 50% of the 4HRS pin bar.)
Wish you a good trading day.
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USING PRICE ACTION, AND A TOP-DOWN ANALYSIS, We expecting a little drop in price before longing to our resistance... AFTER that i will keep you inform on the next move.
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Await good bullish move to long paIR to that target...after that, look for good bearish confirmation to short pair to bottom level.
why should you look forward to short this pair, after taking a long profit? According to the 1day time frame this pair is bearish.. we longing this pair because, we expecting the market to retrace 50 percent of yesterday bearish...
We expecting prices to retrace to point 122.477, which will probably retest our support and likely that of our slant support( green trend-line ). After that look out for a bullish engulfing candle or a significant pin bar .
WHAT WILL MAKE THIS TRADE INVALID?
If prices reaches that support and fail to see buyers there, then it becomes invalid. we won't be looking...