TP 13621.75 ( pips 126 / RR 3+ )
SL 13787. 45 ( pips 40 )
Price action is completing a contraction below the 30% of the recent swing from high to low. We have a potential reversal candle on the previous candle and this looks like the best entry indication.
All we need is a breakout of the contraction.
The 4H Chart still has a solid breakout of 2x contractions. The first contraction is a major one and the 2nd is a continuation contraction for selling. Both are so far a success.
Yesterday price found rejection at the 13EMA on 4H but during the Asian session today it broke it, not a big worry for now as momentum is down for the time being.
On the fundamental & sentimental side we have lots of indications with bad data out of Germany, Apple putting worries that profits will be slashed (impacting indices globally), Japan entering a recession with a very bad GDP print for Q4 2019 and the ongoing Coronavirus.
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