The analysis of the trading situation was similar to the previous currency pairs. The main focus was on the price gap, or imbalance (FVG H4) of the four-hour period (0.8022+/-). Within this range, a reversal pattern "Engulfing Bar" was formed on H4 (highlighted by advisor number 5). A partial overlap of this pattern allowed for a short trade to be opened. Fibonacci grid algorithm, based on the body of the reversal bar, was used to determine the targets. The -61.9% level proved to be significant, and the trade was closed. What lies ahead? For now, we need to wait as the structure of the four-hour period still indicates a decline, and the entry point for selling should be sought, but suitable conditions are currently lacking. A new liquid imbalance is needed, which may appear on the hourly period. A new entry point can be considered from this support/resistance area. Until that moment, patience is required. There is also a possibility with the opening of the American session. It suggests aggressive buying trading with a retest of the European session lows (0.7999+/-). Until the internal trend is broken, the entry point has not formed, although the idea for scalping looks appealing.
