I've outlined what we expect to see on this pair next week.
As you can see, price is continuing to fall and not reaching the reaching the previous highs before continuing to make lower lows. We can expect a pull back to around the 38.20 fib before we see some rejection and then for price to continue to fall.
Our confluence here are the bearish trendline which will be our 3rd touch, meet the 38.20 fib, price not making a new high past the previous low. Providing we meet all 3 confluences we will enter the trade risking 1% with a nice RR of 3.58. 35 pip SL which will take us just above the 50 fib and a take profit of 125 pips which will meet the previous touch on the daily bullish trendline.
You should not be entering a trade unless you know where you will be getting out.
If you need help with your charts drop me a message.
As you can see, price is continuing to fall and not reaching the reaching the previous highs before continuing to make lower lows. We can expect a pull back to around the 38.20 fib before we see some rejection and then for price to continue to fall.
Our confluence here are the bearish trendline which will be our 3rd touch, meet the 38.20 fib, price not making a new high past the previous low. Providing we meet all 3 confluences we will enter the trade risking 1% with a nice RR of 3.58. 35 pip SL which will take us just above the 50 fib and a take profit of 125 pips which will meet the previous touch on the daily bullish trendline.
You should not be entering a trade unless you know where you will be getting out.
If you need help with your charts drop me a message.