Hi Traders, The higher timeframes of this pair indicates downtrend, so we are looking for short positions. A good and safe trade setup would be to enter a short position when price close below the highlighted zone (74.522 - 74.445). If the breakout candle touches or breaks the 74.382 levels (Yellow) its better to wait for a retracement candle. The target can be either 10 - 20 pips, but we have a good support at 74.320 levels (Red). The stop loss can be placed above the highlighted zone but this setup is considered a loss only if a candle close above the highlighted zone. At the time of entry the 50 SMA has to be above. For queries pls comment below and do like and follow... Happy Trading
Price didnt come back to your support level.
Are you still bullish on this pair?
This is what we see and would love to hear your thoughts!
Hari_krishnan_S_Kumar
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@FXCM, Hi, thanks for commenting and i totally agree with u am also bullish till the support at 75.033 - 74.828 levels hold. The next medium term resistance is at 75.688-75613 levels from where the price can reverse and continue heading down. The price can also reverse from the psychological level at 75.500. If u consider the daily chart price is still below the 50 sma and is approaching the 38.2 retracement level which is in confluence with resistance at 75.688. I hope this was useful.
Hari_krishnan_S_Kumar
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@FXCM, really sorry for the delay, as i got the notification i sincerely thought it was for a new idea u posted.
Are you still bullish on this pair?
This is what we see and would love to hear your thoughts!