I am describing my thoughts as though we are nearing market close. Price has been consolidating in a small-time range (as indicated by the upper box), and today has formed a Bearish Engulfing Outside Bar (BEOB) which has broken out of this range. Further supporting this bearish outlook, appears to be divergence between price and MACD data. This can be looked at both short term (red trendline) or long term (not shown).
Taking the break of the bar, I believe the first trouble area for price would be the minor support level of 1.01500 (the bottom of the second consolidation box). At this point I would take partial profit and move the rest to break even hoping for price to reach the major support level of 1.00500.
Taking the break of the bar, I believe the first trouble area for price would be the minor support level of 1.01500 (the bottom of the second consolidation box). At this point I would take partial profit and move the rest to break even hoping for price to reach the major support level of 1.00500.