This pair is in a down trend.
Chart below:
Price has retraced to the 50% Fibonacci level of the last swing move down. On the back of the Fed announcement last night, price has broken back through the averages and presented an opportunity to enter short with the trend.
I have a short order as detailed below.
Entry: 1.2255
Stop loss: 1.2295
Target: 1.2055 (2.5% and previous support level)
Chart below:
I will update again should the trade be triggered.
Best regards
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