Bullish set up
On the 4H chart, there has been 2 false breakout on both sides of the C1 channel. The rising wedge is still in play as the pair is ranging between the ceiling of C1 and the T1 trendline.
Given that the rising wedge is still plausible, i would enter a bearish trade off the anticipated retracement off the T1 trendline.
In Conclusion, I expect the pair to retrace to the EMA,50 level (1.3484) before continuing to test the floor of the C1 channel.
Entry Point: 1.3484
S/L: 1.35164
T/P 1: 1.34433
T/P 2: 1.34090
Given that the rising wedge is still plausible, i would enter a bearish trade off the anticipated retracement off the T1 trendline.
In Conclusion, I expect the pair to retrace to the EMA,50 level (1.3484) before continuing to test the floor of the C1 channel.
Entry Point: 1.3484
S/L: 1.35164
T/P 1: 1.34433
T/P 2: 1.34090
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