As I posted in the comments section of my monthly chart, this pair is in a potentially very strong downtrend. We're looking at a complete 5 wave decline, with an apparent 3 part correction, which looks like a zigzag and could be complete. I suggest watching price action at the open and waiting for confirming price action before taking a new short position.
Looks exactly like eurnzd, expanded flat correction with C wave unfolding.
It's conclusion will give a good sell opportunity to hook up with the monthly downtrend signal in my other chart.
IvanLabrie
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Waiting to enter short.
IvanLabrie
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Judging by the lower tf, this looks more probable.
IvanLabrie
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Another view:
It's possible that we've reached a weekly downtrend signal target ahead of time, so it's possible there's a strong bullish reaction...if that were the case, we would aim to enter shorts around the 0.382 level depicted in the next chart:
It's conclusion will give a good sell opportunity to hook up with the monthly downtrend signal in my other chart.