We are looking long on this pair. We published an idea last week with a forecast on the monthly time frame. (See Linked Idea).
However, as you could see price has completed the Bearish Monthly ABCD formation with the 161.8% testing the monthly trend line and daily channel line. As explained in the previous post we also have divergence. We would now await strong confirmation on the 4 hour window for our entry.
OUR TARGETS:
- TARGET 1: 1.3500
- TARGET 2: 1.3800
- TARGET 3: 1.4200
(ONCE EACH TARGET HAS BEEN MET OUR TRADES WILL BE MANAGED AND ANALYSED TO DISTINGUISH IF OUR NEXT TARGETS ARE SRTILL VALID).
On the other hand, if price breaks below the channel and the monthly trend line then we can possibly see further downside targets of 1.2600 then 1.2100. However, we are long on this trade. We will be looking short on the basis of price breaking below the channel and trendline.
However, as you could see price has completed the Bearish Monthly ABCD formation with the 161.8% testing the monthly trend line and daily channel line. As explained in the previous post we also have divergence. We would now await strong confirmation on the 4 hour window for our entry.
OUR TARGETS:
- TARGET 1: 1.3500
- TARGET 2: 1.3800
- TARGET 3: 1.4200
(ONCE EACH TARGET HAS BEEN MET OUR TRADES WILL BE MANAGED AND ANALYSED TO DISTINGUISH IF OUR NEXT TARGETS ARE SRTILL VALID).
On the other hand, if price breaks below the channel and the monthly trend line then we can possibly see further downside targets of 1.2600 then 1.2100. However, we are long on this trade. We will be looking short on the basis of price breaking below the channel and trendline.
