I am still not 100% sure if this pair has shown signs of a fake breakout, we will need to monitor the price on Monday and wait and see whether or not price wants to continue ot respect the ascending trend line or trade outside it again. Definitely one to keep on your watchlist, lots of potential for an upside move here.
COT Data - 72% Short
After a fake breakout of the 4hr trend line (manipulation?), I expect this pair to re-test line before continuing higher.
I would take this trade, via a buy limit order which would be placed in a confluence area with a 4hr trend line, market structure support and 50% fib level.
After a break and close below that was followed by a close back above and retest of lower part of consolidation channel, this pair has confirmed the fake breakout and is now well placed with an opportunity to ride the next swing leg and the creation of a higher high on the daily TF.
Target can be set at the 127.2% fib extension taken on the retracement. Entry can...