This trade setup is very simple and justifiable due to numerous confluences, the short term target is 1.26555 which is alignment with the 61.8% fib level as well as a potential right shoulder. 1.27000 proved to be a key barrier which candle couldn't close above, 4HR candle created a huge spike but then closed below to attract a potential short order with a tight SL and maximum reward.
Trade closed: target reached:
Great setup, price rallied to key 1.26000 level