In our previous analysis for the pair we've mentioned that the only way to confirm the break of the was to break the channel by the first wave of the potential uptrend,yet, if you looked at the price action and the sharp retest you'll notice how weak the bulls are indicating that the market didn't makeup it's mind yet and maybe it's an early signal for the weakness of the potential uptrend.
The bulls did break the uptrend by the first wave (weak wave) made a beautiful extended between the third wave and the fifth wave of the lesser degree then felt in a sharp correction forming a perfect (or )and now ready to fly in it's third wave trip .
Classical view:the price is retesting the prior signaling weakness of the bulls , indicates oversold on the 1 hour and the 4 hour,the price retraced 88.6 % (potential ) the price is respecting the for now but it will confirm on Monday.
Trading :buy long targeting 111.00 stop loss 108.70 (protect your profits every fibo ratio)
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