At the moment the price is in the correction phase, and before the 1.0675 Level is reached and broken (For now) the pair is trading down.
Doji signal on 1Hr chart is giving us a possible end of correction phase, but a doji-like pattern on a 4H chart gives a signal to go further up.
The possibility for the price to go UP exists because of the upcoming news.
For Now, I would ignore 1H formation, and for sell orders I'm using 1.0590 for sell stop.
Stop Loss above 1.0610
I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy), Sometimes I prefer not to wait till my SL is hit.
Target 1.0550
Target 2 1.0500
Doji signal on 1Hr chart is giving us a possible end of correction phase, but a doji-like pattern on a 4H chart gives a signal to go further up.
The possibility for the price to go UP exists because of the upcoming news.
For Now, I would ignore 1H formation, and for sell orders I'm using 1.0590 for sell stop.
Stop Loss above 1.0610
I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy), Sometimes I prefer not to wait till my SL is hit.
Target 1.0550
Target 2 1.0500
