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After an unsuccessful attempt to break the resistance, the price of the currency pair returned to declines driven by yesterday’s US data. Investors stopped at the support marked in the blue circles in the image. Of course, we do not “catch the falling knives”, so we wait for the appropriate signal. Ideally, we should see a diagram like the one shown in the second image of the M5 time interval. Then our risk is max 10 pips and we do not catch the hole. Number one is a breakout of consolidation, number two is our signal to increase the price, number three is entry. Simple isn’t it?

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