We saw a sharp break through supporting trendline followed by a sharp price return back above it. This is looking too good! Potentially I would target recent high at 1.22, next target would be major high at around 1.24 and finally 1.2500. SL below the low of the H4 bar or look for a better entry by scaling to a lower time frame.
There is no reason ( fundamental ) that would justify this sudden drop, it doesn't look like a beginning of a reversal, more like a short term correction. Price action can be volatile around the current price level as we are trading by the 1.20 mark.
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