Looking at a 1hr chart with I'm bearish on the dollar. DI- has been climbing for the last hour or so; trend strength confirmed with an RSI indicator has creeped up to 42.2419, suggesting the market shares this sentiment. Moving over to our average directional index (ADX), the bears are winning handily at the time of publishing this idea, this trend looks to continue against fibonnaci retracement indicators.
I'd short this position with a TP of 248.00 (psycho level) and a fairly liberal stop since the pair has ranged since late evening. Keep this position until mid morning, the pips will be in your favor. There's not enough volume to scalp your way through this trend, this is a patient man's position.
I'd short this position with a TP of 248.00 (psycho level) and a fairly liberal stop since the pair has ranged since late evening. Keep this position until mid morning, the pips will be in your favor. There's not enough volume to scalp your way through this trend, this is a patient man's position.