After breaking the corrective channel the pair seems to have found support again. Although it is not a very strong area of support we can see that this area has been rejected twice last month. RSI also seems to confirm that a bigger corrective move might be in the cards. On top of that the pair printed a doji yesterday.
All those factors combined make me feel confident to take a counter trade with price probably recovering at least until the 1.119 area.
Keep in mind it is a counter trade as the main trend is still bearish.
We can see the same maybe a bit more clearly on the 4H chart
All those factors combined make me feel confident to take a counter trade with price probably recovering at least until the 1.119 area.
Keep in mind it is a counter trade as the main trend is still bearish.
We can see the same maybe a bit more clearly on the 4H chart
Trade closed: stop reached:
Meh!