We have been talking about this set up for some time now, we highlighted the possible trade on Sunday night, anticipating a break out of the consolidation. Price broke out impulsively to the downside yesterday, well done to those of you that took part in the trade. This morning on our chart breakdown, we highlighted the possible short zone at a resistance which also fell in line with the reversal zone of the fib. We are anticipating the pair to short to the downside taking several targets at the support levels. For those of you that are in the trade, be sure to risk manage as we do not know how far the pair will retrace when it begins to pullback.
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