1.2915 has been a tested level of support on this instrument, and due to the triple bottom that has emerged on the higher time frame, I believe it is a good opportunity to get long on this pair. 1st trade is slightly over 1:2 risk/reward, and my stop loss is chosen by means of the standard deviation from the hard range of the most recent consolidation phase . I...
The double top formation, which is circled on the left shoulder, is a major point of resistance and support on multiple points in the entire instrument. This point is also a 2.414 Fibonacci extension level. Also, on the 4 and 1 hour charts, there is a Deep Crab harmonic pattern, which would suggest a possible bullish rally. I will set my stop at 0.71206 since...
If the trend stays inside its bullish leg then it might find resistance @ 109.929, which is another resistance level on the left side of the head. If it breaks its current trend then it could start to deviate into a bearish leg. Look for volume, and proceed with tight stops. Also, look for the directional move, upon market opening, for sentiment.
