We are already in the sell with a minor position, which we kept from the first pullback. If you aren't in the trade as yet, or you are looking to open further short positions, wait for a minor impulsive movement to the downside, wait for it to make a small flag, and then sell the break of the flag, with a stop loss above it. Ideally, the pair should make this small consolidation around the bottom 4hr (in the chart, in yellow) the break of which will confirm without further due that the long term downside has commenced.
Let us remind you the incredible targets, of the coming trading opportunity to the downside:
First target on the break of the daily low in the 1.40 area, and final expected target in the 1.048 area.
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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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