1.3740 level proved to be support for the bulls. If the level finally takes, we'll get H&S pattern confirmed and we might see further decline to the next area of support around 1.67 level which happens to be 50% Fib retracement of the recent move up and potential measured target from the H&S pattern. Coming sell signal on Stoch RSI supports the idea too.
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FXPhantom
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Added to the position anticipating another leg to the downside...
FXPhantom
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Initial impulse in our favor retraced to 0.382 Fib level. If it reverses here I might consider adding to the winning position.
FXPhantom
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As we are at 1.371, I'm moving stop to BE
FXPhantom
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And the trade is fired... Let see if it can reach the target. Move the stop to BE once it goes 25-30 pips in our favor.