As of the beginning of the European session just an amazing pattern has been shaped at this pair, which grants the possibility of the entering into the market with a good ratio of risk/profit. The mirror structure wit the high at 1.3800 is shaped; here exactly there’s also a powerful optional level concerning the April contract. The daily level of the resistance is at 1.3811, the next one is at 1.3860. The RSI oscillator resides within the over purchased zone, and that in its turn enhances the chances for the retracement.

   Trading recommendations: to sell in the sector of 1.3800 with the shortened stops and the target at 1.3600.

   Alternative scenario: the fixation higher than 1.3800 will open 1.3860 and also the top edge of the formed channel.

Analysis prepared by:

Maxim Dmitrievsky
Forex4you analyst