WE had one impulse in 1H chart and now we are in correction phase. I expect another strong impulse up. The move will be confirmed when descending trend line (resistance line) will be broken.
Probably there will be some more move down before that, but I do not think it will be more than 40p
It is always a little tricky to open a new trade in the very beginning of the week but I still post it.
I see here clear Resistance line tested multiple times before and right now we have a high probability trade with great R/R ratio. I expect a big move towards 1.11 and further up to 1.13 and even more.
Should the rate go down, then I suggest to close deal...
A beautiful opportunity to open sell with high R/R ratio. Now the price is at the Resistance level and far above dynamic support lines.
After reaching first target I will close half of the position and will trail the rest.
Based on price action I expect price will go up. SL is apprx between 15.0 and 15.1 depending on risk one is willing to take. There may be a long shadow down which is not a valid reason to close the deal. If SL is hit and then price will go up again to 15.1 and above, I will open the position again.