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Today's rise in the pair opens up opportunities for short-term selling at favorable prices. Growth to WCZ 1/2 1.1752-1.1760 is corrective. The test of the specified range will be decisive. If there is no consolidation above the level of 1.1760, then the short position will become the main one for the next 5 days.
Basic trading plan:
Sell from the zone 1.1760-1.1752
Take profit - August minimum
Stop Loss - 1.1784
Working within the framework of this model makes it possible to obtain a favorable risk-to-reward ratio, which will be 1 to 3.
Another advantage of this release is that it occurs in the direction of the medium-term bearish momentum. The probability of updating the monthly low is 75%. Last week closed with the formation of the engulfing pattern, which confirms the strength of the downward movement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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