Taking a long position here, not holding for too long, but possible 30 pips gained.
Risk : reward is 3:1.
Confirmations :
1. Approaching Strong Support area, however, we are looking for long term sells to 81.638 Area.
2. Potential Bearish Flag, very fluid follow through, and continuing in it's downside projection. Waiting for a break of the flag, so taking short term buys to bag a few extra pips.
3. Price action, H4 Timeframe showing signs of rejection off 82.430 Support area, hammer candle
4. H1 Timeframe also showing signs of sellers losing steam, consolidation phase, buyers gaining short term momentum.
Risk : reward is 3:1.
Confirmations :
1. Approaching Strong Support area, however, we are looking for long term sells to 81.638 Area.
2. Potential Bearish Flag, very fluid follow through, and continuing in it's downside projection. Waiting for a break of the flag, so taking short term buys to bag a few extra pips.
3. Price action, H4 Timeframe showing signs of rejection off 82.430 Support area, hammer candle
4. H1 Timeframe also showing signs of sellers losing steam, consolidation phase, buyers gaining short term momentum.