Hello traders! We have been following this pair for a long time now and it has been trending quite nicely for us. The overall direction of this trend is clearly to the downside and we have been riding that trend down taking multiple successful shorting opportunities along the way. Recently however we had a significant pullback that actually acted as a short term up trend. There were even some buying opportunities along the way. Now we are rolling over and it looks like we are continuing in the overall direction of the down trend. Upon the break below and close below of this short term up trend that I have drawn with a red trend line
, on both the hourly and the 4 hour, we are presented with a great shorting opportunity. It is very likely now that price will try to return to the previous swing low of the trend and potentially even break below it and make new lows continuing the down trend.
I hope some of our viewers and followers took this set up before this announcement and quite frankly it is not too late to get in if you are one of the first to see this. Good luck to you all!
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