After rebounding lately we see a great reversal signal that has the potential to drop prices on this pair. This ZP is still in play which fired off from the pb. While classical tp are safe to take I’ll be hunting for 0.7250 and lower if there is a real push.
On a closer look this pair formed a near to perfect wedge. Moreover the last formation came ultra close to a ZP. Levels to watch: 0.7262 seems to be an easy target if price clears current congestion. But a big drop to sub 0.7200 would be the ultimate early Christmas present. If however price blows the roof of this formation than its a dud.
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Recent candle formation placed a damper on the downfall. I’ll be looking for a bargain hunt on this pair to go long. To make gains on a retracement. And if NFP Friday plays into our hands we might see a much higher rebound.
But for now 0.7050 and 0.7070 seem to be easy targets to take.
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