After the wedge formation breakout on this pair on the daily, market is continuing to push down. We saw a break and close below structure on Fridays close which indicates Bearish continuation.
Now looking at the 240 min chart, you can see that the support level at 6930 held and there was bullish protection at that level. Now we have broken to the downside, we can expect the previous support to become resistance and as it lines up perfectly with a 50% and 618% retracement from the last swing highs to swing lows, then if we see a pull back into that area, it would be a good area to short the market.
Whether our rules allow us to get involved is another matter but I look forward to watching this pair with my live room clients throughout the week following the 300 pips we managed to bank last week.
If you would like to see what the trading room is all about, just go to www.tradeempowered.co.uk and sign up for a FREE week. See you there.
www.tradeempowered.co.uk
Now looking at the 240 min chart, you can see that the support level at 6930 held and there was bullish protection at that level. Now we have broken to the downside, we can expect the previous support to become resistance and as it lines up perfectly with a 50% and 618% retracement from the last swing highs to swing lows, then if we see a pull back into that area, it would be a good area to short the market.
Whether our rules allow us to get involved is another matter but I look forward to watching this pair with my live room clients throughout the week following the 300 pips we managed to bank last week.
If you would like to see what the trading room is all about, just go to www.tradeempowered.co.uk and sign up for a FREE week. See you there.
www.tradeempowered.co.uk