Although the pair could crawl a little higher, having therefore a higher "c" point in what would be an expanding flat, we believe that the correction might be complete as it is now, in this running flat, therefore we are taking short positions, keeping a flexible stop loss.
For a more conservative approach, we recommend to wait for a first small impulse to the downside on the 60min timeframe, wait for said impulse to correct itself with a small flag, and sell the break of the flag with a stop loss above it.
We remind you that for a solid confirmation of a longer term downside, the lower dotted (in pink), must be broken.
Finally, we shall remind you that all sell opportunities, from now on, should not be missed, given the huge expected downwards movements that are expected on the daily and weekly timeframes, bound to take the pair towards a final target in the 1.05 area.
Updates on this or smaller timeframes will follow.
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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).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
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