The up channel support line on the monthly time frame has been broken to the downside. There is a down ABCD swing on the monthly time frame with a D extension at 0.4564 about +1,090 pips away. The Weekly Fibonacci D extension has been hit, suggesting that price is oversold and is too risky to be selling. Instead I shall wait for the Daily chart to turn Bullish, as well as the Weekly and then look to trade the looming retracement.
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