The pair is in a bearish trend. In the short term of 1Hour timeframe, we are currently looking out for selling opportunities. We will be entering SHORT as so we have our entry limit at the 50.0 Fibonacci retracement level which is at 1.1725.
Our STOP LOSS (SL) is placed 15 pips above the Fibonacci A, giving us a total Risk of 166 Pips. This is to allow the market enough room to swing and test the 1.1878 Resistance level.
Our Take Profit (TP) is at the 1.618 D extension (1.1383), giving us a potential 333 Pips of profit
To your trading success, Fx-Kalapanzy
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