Hi Traders!
As you can see the market is in a calm short session on the 1H Timeframe.
It is moving in a parallel channel since the beginning of February (1.10900) until now (1.09500).
This is a difference of 140 pips!
Now we're expecting a breakout upwards to "breathe" and having a pullback.
The next logical area is the resistace at 1.09950.
If the market reaches this area and it makes a confirmation, than we will sell it.
The reason is, that we're expecting a trend continuation (Downtrend).
Our Target is the 161.8% of the Fibonacci.
The Fibonacci starts at the beginning of the pullback and it ends at the resistance.
Our Risk-to-reward ratio looks pretty good: 1 to 3.
We recommend to sell after the breakout for a trend continuation!
Thanks and good luck :)!
As you can see the market is in a calm short session on the 1H Timeframe.
It is moving in a parallel channel since the beginning of February (1.10900) until now (1.09500).
This is a difference of 140 pips!
Now we're expecting a breakout upwards to "breathe" and having a pullback.
The next logical area is the resistace at 1.09950.
If the market reaches this area and it makes a confirmation, than we will sell it.
The reason is, that we're expecting a trend continuation (Downtrend).
Our Target is the 161.8% of the Fibonacci.
The Fibonacci starts at the beginning of the pullback and it ends at the resistance.
Our Risk-to-reward ratio looks pretty good: 1 to 3.
We recommend to sell after the breakout for a trend continuation!
Thanks and good luck :)!