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Note
In recent days, due to coronavirus outbreak in Europe and US, this pair has been very unstable, this is just a zoom out on 1H chart, however if we take a look at the 1 DAY chart.Note
Very important to know this kind of volatility bring profit but also very dangerous to traders. Always keep in mind, the 1R rule and never abandon your risk management.Note
Due to the uncertainty of the market and combine with some background behaviour analysis, I do believe it is possible that we are going to form a fake out and retest 0.382 fib zone.It is key to note that this is just a possible scenario and doesn't represent the full possibility. But personally i wont really trust those 2 trendlines above, they were forming due an extreme market condition, and it shouldn't be considered as a decent trading signal. It is safer to play FIB here.
Happy hunting!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.