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In recent days, due to coronavirus outbreak in Europe and US, this pair has been very unstable, this is just a zoom out on 1H chart, however if we take a look at the 1 DAY chart.
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Very important to know this kind of volatility bring profit but also very dangerous to traders. Always keep in mind, the 1R rule and never abandon your risk management.
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Due to the uncertainty of the market and combine with some background behaviour analysis, I do believe it is possible that we are going to form a fake out and retest 0.382 fib zone.
It is key to note that this is just a possible scenario and doesn't represent the full possibility. But personally i wont really trust those 2 trendlines above, they were forming due an extreme market condition, and it shouldn't be considered as a decent trading signal. It is safer to play FIB here.
Happy hunting!
It is key to note that this is just a possible scenario and doesn't represent the full possibility. But personally i wont really trust those 2 trendlines above, they were forming due an extreme market condition, and it shouldn't be considered as a decent trading signal. It is safer to play FIB here.
Happy hunting!