From the We can see that this pair has been on a move for a while and has rallied before continuing its momentum down.
Currently, its retracing once again before it potentially continues its momentum downwards to my weekly at 1.19226.
It's currently hovering at the 38.2% level however I believe it will retrace to the 50% level next week (yellow zone). It also could potentially retrace to the 61.8% level which aligns with a descending I drew.
I invested a very small capital of £50 last night and have entered a BUY trade, the retracement zone being my take profit.
I will be looking for a swing entry at the retracement zone to catch its move which has a 400 pip potential.