I have outlined what I think might happen this week with the pair. A Bat pattern seems to be forming with the B point completed, although it might continue further and turn into a Gartley. With this B point, we can take the 61.8 retracement as an entry in confluence with some congestion zones in past price action to take a short position to the D point of the Bat.
From here, the Bat completion point is also the C point for a possible Cypher pattern, which I believe could happen because it is located near good structure/demand levels. We could go for a long position until the completion point of this Cypher and the stop and reverse for at least the 38.2 retracement of that last swing.
Anyways,is just an idea of what might happen, but it's always important to be prepared and to have a plan for possible outcomes.
Good luck everyone and have a nice trading week!
From here, the Bat completion point is also the C point for a possible Cypher pattern, which I believe could happen because it is located near good structure/demand levels. We could go for a long position until the completion point of this Cypher and the stop and reverse for at least the 38.2 retracement of that last swing.
Anyways,is just an idea of what might happen, but it's always important to be prepared and to have a plan for possible outcomes.
Good luck everyone and have a nice trading week!