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Break and close of the trend line invalidated my analysis. Looking at a pullback to 1.175 level off the back of the YH seen 2 weeks ago.
This could be a short play, however a break of the CTL could indicate a long entry TP1 61.8 Fib level.
Short outlook with a TP1 @ 1.3000 area in confluence with previously respected weekly resistance levels.
5.4 RR - Rejection @ 1.253 trend line level with an aim to TP1 @ 1.229 key level. TP2 1.223.
Lets see how this setup plays out. Could be a longer term hold across a couple of weeks potentially.
Potential Short Entry to 1.2280 level and reversal on previous key resistant level.
Looks like some confluence around a break of the Fib 38% retracement level and break of the downtrend channel indicates a short sell off the back of a weakening Euro and slowly stabilising Pound.