After success break up channel down, a new parallel channel up forming bearish three drive pattern. If we look at daily chart, we can see clearly this is a begining of long term bullish trend with target more around 400 pips at 0.9737 with normal target at 1.414 (0.9445) we get R/r ratio 1/2.2, but if we aim for long term opening at target at 0.9737, R/r ratio will be around 1/8.58
Opening long : 0.9345 Stoploss : 0.9306 Take profit : a. 0.9445 at Fibonacci 1.414 b. 0.9525 at fibonacci 618 daily c. 0.9737 at double top. R/r ratio : 1/8.43
Disclaimer : This analysis not include personal feeling/opinion, and pure base on technical analysis Trading foreign currencies can be a challenging and potentially profitable opportunity for investors. However, before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose.
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close with -10 pip trend change, new pattern found