Reasons for TP of 23.0: - Bearis head and shoulders formation. - 38.2% Fib retracement from March 2020 bull run. - Dual pivot of Daily P and weekly R2 - Recent parabolic uptrend unlikely to have reached full retracement - Demand level here to be potentially retested
Reasons for stoploss and invalidation: - DXY trending downwards. - Covid market uncertainty and recent increased awareness and demand for hedge against economic recession. - Breaking of 29.5 will likely result in higher highs. - 1H and 1D ichimoku indicators are bullish.
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