The pair is bouncing off the monthly 200 SMA blue line and this could lead to an upside continuation into the 112 level. Using the top-down trading technical analysis we have identified the potential trading opportunity on this pair.
The daily 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 106.100 level and the potential take profit level is the middle of the second half of the Pitchfork channel. Potential profit at the 0.50 lot size is around 850$.
RR ratio 1:3
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