A break of the ascending trendline wedge and the 78.6% Fibonacci will confirm this trade setup. The 0.71500 daily level will also provide a good area of resistance. 0.71215 will likely provide an area of Daily support. The weekly support of 0.70900 may also hold up price for a couple of days before price continues it bearish trend. Another trade may be added below the 100% Fib level.
An entry of 0.71423, a take profit of 98.9 pips and a stop loss of 27 pips gives a good 3.66/1 Risk/Reward ratio.
Trade updates will follow...
Trade active
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This trade came very close to being stopped out (3 pips) because of a second retest of the underside of the trendline. Upside resistance now met and so bearish momentum has begun.
Another trade (1/4 position) has been added at entry 0.71396 with the same stop loss and take profit as original trade.
Two trades now running in healthy profit, half-way to target level.
A retest of the bottom side of the trendline and 200 EMA provided another bearish entry opportunity (suggested 1/4 lot size of overall trade). I didn't actually take this additional trade as am happy with the primary setup. As with that, two strong H4 candles show more signs of bearish momentum to come. A good trade so far.