More in detail, we believe that after the first impulse to the downside breaking the previous , which we will consider as one unique movement although it had a few spikes to the upside, the pair has gone through an “ABC” type correction in the shape and form of an irregular flat, the last piece of which (“C” leg), itself subdivided into a five wave movement, has come or is coming to an end.
If this were true, this would be a good occasion to add further short positions to the pair, awaiting the next impulse to the downside. In this respect, watch for potential breaks of the small trend which is forming on the 4hr and 60min timeframes for said short opportunities.
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Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
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Watch out for potential breaks