Technical Analysis and Market Sentiment:
An inverse head and shoulder is forming and the 2nd shoulder is beginning to form.
A retracement channel has just completed in the midst of forming the 2nd shoulder and the price rebounded off from FR61.8%.
Long with full risk. Stop loss placed at the swing low of the previous wave of appreciation .
Trade was executed within market hours and more than a day before the next major news release.
Take Profit 1: 1.2463
Take Profit 2: 1.2500
Take Profit Final: 1.2538
Initial follow-up plan: If the price closed below the retracement channel, exit 1/2 position. If the price gain beyond 1.2469, wait for a retracement and look for a re-entry.
Trading Result: Gain/Loss %