The pair is testing the previously broken Pivot Point 0.9426 level, as it can be seen on the daily chart below, after a break above the median line of the Pitchfork channel. This is proving to be a valid support for the upside continuation higher. Using the top-down trading technical analysis we have identified the potential trading opportunity on this pair.
The H4 chart is revealing the entry point, the stop loss level, and a target. The entry point should be at this market levels, the stop loss should be below 0.9410 level and the potential take profit level is the top of the identified upside channel and also revealed 100% extension 0.9640 level. Potential profit at the 0.50 lot size is around 900$.
RR ratio 1:2
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