With big news ahead in the Euro and a possible big setup, I see this swing setup emerging soon. With almost a 3:1 R/R ratio i do not see any problem with entering for a swing with a small position around the 1.09848 area. Another entry may present itself off of the trend line drawn. If we get a strong bearish close below that trend line I would consider the trade invalid and a reevaluation will occur.
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Long Checklist
Level Count
Resistance
Trend Line