The 4hr chart is forming a nice head and shoulders pattern as the right shoulder should reach a major supply zone @1.1500 as well as my 72% Fib. The pair was in a nice upward channel then created a lower low (1.1289) that broke the channel and now is going to retest the 1.1500 supply zone, then should start selling off.
This pair is in a nice down trend and currently in a wedge. If this pair tries to retest the 129.000 level during the Asian session then that will be a good entry for a short position. The blue boxes are Supply & Demand Zones.
Entry: 129.000 zone
TP 1: 126.500
TP 2: 125.000
Looking for short @ Fib 786 zone @ 1.1430-1.1450 to continue the daily and 4hr down trend. Watch price action to make sure it doesn't break @ 1.1477, if it breaks that level then longs are still in play.
Entry @ 1.1430 - 1.1450
TP @ 1.1130
SL @ 1.1477
4hr chart shows tight range for awhile and broke out the range today. While the markets were choppy and unpredictable all day, I believe this pair will bounce back to the top of the trendline, then break it.
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