Here I anticipate this pair to fall heavily out of the consolidation block it is in. I see it retesting a strong daily demand zone.
The trade reasons are a bearish break at a major turn level, month low and a Choch break out.
The bullish reversals may start from "tp1" indicated on the chart because this is a major turn level, a fibo golden area, a pattern target and a liquidity zone. This is a potential 400 pip trade, so patience is key.
I have set a sell stop @ 1.10600 with a SL@ 1.10935 (35 pips) and my tp1@ 1.09000 (160 pips)
The final TP is @ 1.05600
Let me know if you see anything different.
Goodluck!
The trade reasons are a bearish break at a major turn level, month low and a Choch break out.
The bullish reversals may start from "tp1" indicated on the chart because this is a major turn level, a fibo golden area, a pattern target and a liquidity zone. This is a potential 400 pip trade, so patience is key.
I have set a sell stop @ 1.10600 with a SL@ 1.10935 (35 pips) and my tp1@ 1.09000 (160 pips)
The final TP is @ 1.05600
Let me know if you see anything different.
Goodluck!