A top down view on this pair shows a strong bullish weekly close. The daily is the same, the 4H shows a pinbar rejecting the Moving Average (MA), and also the bottom of a support zone of 111.800. The 4H closed for the week as a bearish candle and did not push past 112.000 and close above it and was rejected from this psychological level. I am anticipating a bearish retracement to 111.200 level before a strong bullish move to 113.500. The MA and EMA were crossing signalling the sellers are pushing the price lower. The 4H time frames have provided the confluence for the bearish retirement after a strong bullish week.
The 111.200 level is 50% Fib or there about's and I have therefore set my Take Profit slightly above this to try and aim to ensure the highest chance of it being hit without manually closing. I am looking forward to seeing how this plans out. You can see my entry on this and also my SL and TP providing me with a healthy 1:3 RR. Once the 111.200 level is hit, I will be looking for a bullish signal and entry to the above mentioned 113.500 level, providing a rough 200 pips.
The 111.200 level is 50% Fib or there about's and I have therefore set my Take Profit slightly above this to try and aim to ensure the highest chance of it being hit without manually closing. I am looking forward to seeing how this plans out. You can see my entry on this and also my SL and TP providing me with a healthy 1:3 RR. Once the 111.200 level is hit, I will be looking for a bullish signal and entry to the above mentioned 113.500 level, providing a rough 200 pips.
Trade closed manually:
Closed manually to free up funds to take other trades due to lack of movement on the 4H timeframes.