📈 Let's delve into analyzing this forex currency pair for trading on lower timeframes.
⚡️ On the four-hour timeframe, after a fakeout below the 1.66909 line and a sharp decline along with a retest of the weekly support, we're now in a correction phase, engaging with the four-hour support.
🔍 Due to the ongoing bearish cycle, it's risky, but placing a trigger before the primary support, we can consider opening a short position.
⚠️ This position would be initiated after breaking below the 1.65154 line and awaiting the key support at 1.64590, where there's a possibility of its sharp loss.
⏰ Another market event to watch out for is the release of the PPI news in the next hour. Stay vigilant with your positions.
💼 Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
⚡️ On the four-hour timeframe, after a fakeout below the 1.66909 line and a sharp decline along with a retest of the weekly support, we're now in a correction phase, engaging with the four-hour support.
🔍 Due to the ongoing bearish cycle, it's risky, but placing a trigger before the primary support, we can consider opening a short position.
⚠️ This position would be initiated after breaking below the 1.65154 line and awaiting the key support at 1.64590, where there's a possibility of its sharp loss.
⏰ Another market event to watch out for is the release of the PPI news in the next hour. Stay vigilant with your positions.
💼 Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.