This pair has been rallying quite noticeably but in the last two days of last week we saw a sell off. This sell off gave us two four hour closes beneath the ascending channel
which is somewhat short confirmations. However we re playing patient again here. We cannot guarantee anything of course but we could see a retest form in the first trading day of the week. We can see many other pairs breaking out and possibly retesting the 61.8 but on this pair it looks to be a deep retest. Any other scenario wouldn't give a suitable risk to reward ratio, but this scenario has a classic 1:3.