Price looks like it could retrace into the previous resistance now potential support at 121.65 to then shoot up towards 124.00 I believe this pair is creating an ascending triangle, in which case we could eventually see price break through the 124.00 barrier or completely reverse creating a strong downtrend.
On the sidelines on this trade at the moment as price is currently consolidating between 19750s and 19950s If we see a break below 19750 we could see price freefall down to 19600 and beyond, although it is quite difficult to give any potential targets due to the nature of the previous strong rally from 17900s
With the recent volatile movements in the market (which i presume is a result of the US news on Wednesday relating to Trump) price hit my initial stop but i jumped back in at 1.3090 with stops just below 1.3030. Price has still closed within my TL and support. Risk reward shows as 1:1 as i did not have time to post the idea at the time of my actual entry. 1st ...
If price bounces off the 0.786 fib (based off the massive uptrend that started midway through Nov 2016) we could see price rally up towards 118.50 with potential to break this barrier and continue its uptrend We have also seen a 3rd TL touch on 2hr TF after the news events today. 1st Targets will be 116.80 with 2nd Targets being 118.50