Last time we saw a weekly rejection from the 76.4% fibo level we retraced to a low of 1.48. Perhaps the risk reward for a large trade is there now. I imagine we got a pretty size able shakeout above 1.63 I suspect most retailers were short since c1.60 so a 300 pip drawdown is more than likely one thats going to kill them.
Thin volume over the coming days will we see some Japanese profit taking? US session seems to have started that with some dollar buying. Instead of a steady uptrend we may see a steady down trend.
Short 3 lots 1.6275 sl 1.6350
TP open
Thin volume over the coming days will we see some Japanese profit taking? US session seems to have started that with some dollar buying. Instead of a steady uptrend we may see a steady down trend.
Short 3 lots 1.6275 sl 1.6350
TP open