I am always look for 2nd retracement / retouch while taking a position. Here the daily trend has significantly changed its direction to Bullish
bias on the start of current week. Yet We are at a very strong Resistance Level
. First It touched on Tuesday 06th August 2019 and did some down movement. I was still waiting for the key position to hit again. And the same happened. Yesterday, It made a high at 1.6786 where we have been waiting for the price direction eith up or down....
Today It gave us a bearish
engulf right @ Key Level which in my view, is the confirmation of short bearish
direction. We are going to take some nice pips here...
Sell Stop @ 1.6515
Remember to be ready for buy from 1.6260 area.