Just a heads up about this currency pair which I think will provide a really good buying opportunity come next week. In the weekly chart there is a very strong bullish engulf which formed in the course of the week and when we drawn a Fibonacci retracement from last week Hi-Lo, it confirms that the 161.8 Fibonacci extension has been hit which is usually our first TP level. Further, as expected, price is reversing from those levels with the current strong bearish engulfing candlestick in the 4 HR chart.
In my opinion, it will be good to sell-with small lot size, and take profit once price action reaches the 100 Fibonacci extension from last week’s Hi-Lo before we initiate our longs and ride with the trend come next week.
Have a good weekend.