Prepare for Action: 1000 Pip Move On The Horizon ??We're approaching a key area on the chart that holds massive potential. It's the Monthly SUPPLY/SELL zone, a zone that emerged in 2020 during the chaos of CV when we witnessed an incredible near 1000 pip spike in just minutes, reaching an astounding 2.17. While revisiting those levels may be unlikely, we have a great short opportunity.
Here's what I want to see is a climb towards the Weekly resistance level at 2.10, marked prominently in RED on the chart. This level presents a prime area for considering short positions, although hitting it precisely may not always happen. Timing and adaptability are key.
Consequently, my strategy involves keeping an eye out for SELL signals as we edge above 2.09 and incrementally building a short position. The profit potential for this pair is substantial, with an initial target at 2.05, denoted by the green shade. Not only does this level serve as a former weekly resistance, now turned support, but it also possesses the appeal of being a round number.
Once we reach 2.05, anticipate a potential bounce towards 2.075, followed by a significant SELL OFF that could drive us towards the 2 handle and even lower. This move has the potential to yield several hundred, if not over a thousand pips.
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