The pair is currently on a slight decline following yesterday’s rally off the back of USD weakness. Price is currently finding support at 1.18385
The downwards momentum looks to be capped by support around the 1.18150 – 1.18060 mark. This also finds confluence with the 50% Fibonacci retracement of the current upwards move.
We will look to execute at this zone when we see CSI supporting a reversal on the 1HR chart.
Should the pair break below the demand zone with no CSI to support a reversal, we will consider this trade void.
Key Resistance Level (SL): 1.17300
Entry: 1.18150 (OR) Market Price
Key Support Level (TP): 1.19550
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