The pair is currently in a corrective move up and ready to break out of it to the downside. The forecast is the break down will be an impulse and we should head towards the May lows around 0.6550 giving a nice opportunity to go short.
The following assumptions are made:
- Breakout price : not broken yet
- Confirmation price : to be updated
- Minimum Forecast pips : 150 pips
- Maximum Forecast pips : 450 pips
- Duration: 2-10 days
- Probability : >90.%
Note: Trade is not active yet and my entry will be based on the price in the lower time frames on either Monday or Tuesday. I will update when I enter based on my strategy. I will try to update the charts as much as possible with entry notice, stops, profit taking and any other adjustments that may need to be taken.
IMPORTANT: The setups posted here are not trade calls or signals and are intended for guidance purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit http://www.thepiphunter.com and subscribe.