After price reached the target of 1,1710 we then looked at the possibility for the next target- 1,1640.
However, prise has been moving in a range of 30 pips for two days now.
That means there's equal buying and selling pressure and it's very likely to see a few misleading moves.
First we could see a drop down to 1,1700 just so more sellers could enter the market, but then price might go back up to 1,1780.
That way all the stops will be taken out and then we could see a reversal and another move down to 1,1640.
In case of a confirmation that this will happen, we will be looking to sell from the 1,1780 level.
However, prise has been moving in a range of 30 pips for two days now.
That means there's equal buying and selling pressure and it's very likely to see a few misleading moves.
First we could see a drop down to 1,1700 just so more sellers could enter the market, but then price might go back up to 1,1780.
That way all the stops will be taken out and then we could see a reversal and another move down to 1,1640.
In case of a confirmation that this will happen, we will be looking to sell from the 1,1780 level.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
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