It is starting to look as if the bears are starting to take control in this pair. We have a shooting star
2 days prior followed by a rather large bearish
candle. Im reluctant to call this a bearish engulfing
pattern there isn't really a well defined prior trend. The most important thing to notice on this trade is that we are coming up to a minor resistance level
. The trade should only be executed if there is a close below this. However i do believe that the bears will smash through this level. I have my price target set at 0.5000. My stop is set based of the 4hr chart. The price gapped down from 0.5121 to 0.5106. Therefore i have my stop at 0.5121 as windows provide great support and resistance
. However please remember DO NOT PLACE TRADE UNLESS THERE IS A CLOSE BELOW RESISTANCE.