The pair has been trading in a range horizontally for one month. It is now approaching the upper limit of this range. A short position can be opened near recent high to play the scenario of some profit taking near the upper limit. A short position can be opened on current levels. Should it turn positive, place a stop loss immediately above the recent highs, and take profits quickly near today’s low. Such a trade, though risky, could offer a reward of 4R (assuming you placed your stop loss 5pips away).
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