On this pair were looking at a 60-90 day investment timeline. We have seen the broken price level at our entry price and the slow retracement back up to retest. I am early to this move so a few things can change my long term bearish bias. One would be the continued respect of the broken trend line and the low level of support. The reason those have not shifted my bias yet is because they are not flush. The trendline was broken once but retested and still was bearish and the lower level of support has held awhile and is weak. What would definitely render this trade invalid is if we see a convincing bullish daily candle close above the projected highlighted zone. We could also see consolidation until it retests the higher trendline. Keep an eye on this pair.
Trade at your own risk and use proper risk management.
Happy Trading!
Trade at your own risk and use proper risk management.
Happy Trading!