My reasoning behind this is
-We are currently consolidating between 1.33400 & 1.31900.
-We have just rejected a strong level of Daily Resistance and broke down about 50% of the current distance between our Daily Resistance and our strong 4HR Support.
-We could see a break above our Daily Resistance followed by a retest with targets of 1.34200 at our previous Daily Resistance.
-We could also see a break below our 4HR Support with targets of 1.31900 at our previous Daily Support.
I will not be taking this trade until I see one of these breakouts.
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