Executing short position in this current area. Market is finding nice resistance inside the green highlighted zone. Major rejection. Market is breaking daily time-frame downtrend structure. Time for the retracement. Nice channel being created if this move plays out as expected. Target 1 can be the 38.2% Fibonacci level and target 2 can be the bottom of the channel...
since today is friday I will be taking profits around 1.3055 area. when market opens back up I will expect some sort of retracemement up to the 1.3260 area before making it down to the 1.2900 area. Nice setup and lots of pips!
Looking for break and retest to either upside or downside.
The DXY index is looking weaker based on the 4h, so I could see UJ breaking the downside.
Do not buy or sell until you see the retest to either direction where the orange circle is.
this is not a recommendation to buy or sell, and is for educational purposes only