As we can see, the pair is closing in resistance at 0.8, which is working as a strong resistance, but due to it being a physiological level, but also because it has held multiple times throughout the charts timeperiod. However if the resistance is broken, then we have the TL from 2011 and Fibonacci 61.8 as the next two levels the price need to challenge. After that we have the TL from 2008, which is fairly strong.
The price is moving towards Fibonacci 61.8, which is a strong fibonacci level. Even though the price has broken fibonacci 50, it struggled a lot at this level.
The candle formed is an , which could be signaling a reversal.
is close to where it was in January 2013 , where the reversal from a new uptrend happened, continuing the longer term trend. is also overbought, as well as struggling along the , where the price has reversed multiple times throughout the timeframe for this chart (1994-2016)
is at the same level it was in March 2013 , when it confirmed the continuation of the downtrend.
200 the price is struggling at this level, however if 200 should be considered a strong resistance/support on this pair is up for question, as the pair tend to ignore the indicator.
has been reduced significantly.
Entry 1, 0.7930
Entry 2, 0.7990
SL 0.82, above TL 2011
Tips: Trail the stop loss, split up your planned position to reduce your risk. Increase as the pair moves in your direction.