The price has been falling within a major falling trend channel but seems very exhausted at a major support zone, thus expecting the price to make a significant retracement which gives an opportunity to buy first before the price resume depreciation.
In H1 chart, three crabs have completed and the final one touches the 127.2%, which also makes the 2nd crab a valid one as price rebounded off just right above FR127.2% of the 2nd crab.
The price has been consolidating since it enters the major support zone and has attempted once to reverse at the 1st crab pattern. Although it failed, the price continues to consolidate and created another 2 crab patterns, suggesting that the depreciation was extremely exhausted.
Long with 1/2 risk and wait till the price breaks above the top of the current minor consolation to open another 1/2 risk after a retracement.
Stop loss was set 20 pips below FR161.8% based on the 3rd crab.
Take profit levels are based on the 2nd crab where first take profit will be at the top of the consolidation at 1.0992, followed by 1.1011 at FR78.6% and finally 1.1068, FR161.8%.
[20/10/16 19:45] Shifted stop loss 2 pips above entry price as ECB press conference is coming up soon.
[20:30] Price whipsawed and hit stop loss.
Results: Gain 0.04%