The current price level is a good entry point for such a setup. The trade is probably going to run for quite some time in order to hit our take-profit at 0.70988. Sorry for the big stop-loss. Adjust it according to the specifics of your trading plan.
In the daily timeframe, you'll see a beautiful bullish flag which hasn't found completion, yet! In the meantime, I'm going short. I chose to put the chart on a 4hr timeframe since it is the immediate move that matters. I'll give you an update later on.
This week, I'll be looking forward to going short on this pair. I'll give an update once it gets to my target. There is a possibility that the pair will rally to 1.29984. How the price gets to that point is very crucial in determining the direction which the market will take after the completion of the pattern.
The ascending channel that lasted for the whole of last week came to an end on Friday. The pair closed a little lower, and we're expecting a descending channel for the better part of the week, or even better, an impulsive bearish move. Take caution as there is also a possibility of a continuation to the upside after the bearish impulse.
We had an ascending channel from 82.000 till around 83.718, where we had some price corrections of sorts for around 48hrs. We had a resistance level at 83.304, where we saw the pair test this level several times. The pair might break to the downside according to the 1 hr chart, and we're expecting a descending channel to around 82.019. It is important to note the...
We had a perfect XABCD pattern(clearer in 4hr timeframe), and a good short setup at 1.75858(D). Price correction came in as expected. An ascending channel is expected, as the price correction has lasted for the last 15 hrs . A bullish setup is the most probable at this point. My target at 1.76745. Adjust your stop-loss and take-profit accordingly.
