After the pair keeps plunging it's almost clear that we have a change of structure. On the M chart previously posted I was considering the correction to be complete but it is apparently not the case. We're looking a much longer and slightly complex one.
For the near short term we could be getting a retest of the recently broken structure level at 108.10 before potentially more downside into the 101.30 - 103.30 (which also has a nice confluence with the 78.6% Fibonacci level) region which I consider to be a Potential Reversal Zone
The bias for Long term upside still remains though despite the change of structure
My personal details
Short @ Entry: 108.10, SL: 112.10, TP: 103.10, RR: 2.50
For the near short term we could be getting a retest of the recently broken structure level at 108.10 before potentially more downside into the 101.30 - 103.30 (which also has a nice confluence with the 78.6% Fibonacci level) region which I consider to be a Potential Reversal Zone
The bias for Long term upside still remains though despite the change of structure
My personal details
Short @ Entry: 108.10, SL: 112.10, TP: 103.10, RR: 2.50
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.