Good day traders!

The chart below shows us that pair has succeeded in breaking through its down trend line on the monthly chart. It may signal further upside to the 87 region which happens to be the 23.6% Fibonacci retracement.

If you are thinking of taking a longer term trade with a good profit loss ratio, I think this could be the one. If the stop loss is put at 79 and profit target at 1.564, that’s a loss of about 200 pips and gain of 500 pips. A profit to loss ratio of 2.5:1.

I think the ratio is not bad.

Anyway, all the best to your trading.

~ Ardy

Forex Blog