As the daily chart shows, this pair has resumed the downtrend already. Note how the 200 SMA repeatedly held price at 0.6900. The best entry would have been in that 0.6900 region but that does not mean we cannot get on this train now.
We need a pullback to get a good entry and if price pulls back to the 0.6800 area, that would be ideal. I like that location because it allows us to place a tight stop loss and target the next support at 0.6670. If that does not happen, I would switch to the H4 chart and look for a good entry point as price action develops.
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We need a pullback to get a good entry and if price pulls back to the 0.6800 area, that would be ideal. I like that location because it allows us to place a tight stop loss and target the next support at 0.6670. If that does not happen, I would switch to the H4 chart and look for a good entry point as price action develops.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
Comment:
I had to close this trade today, because I will be offline tomorrow (Fri). Don't want to leave it open with 80% of target achieved.
