We have been watching this pair closely from last week when it broke the structure 126.09 to the upside. Immediately the price traded back below the structure. Since 15Th March 2016, the pair have been trading this major struture and unable to break above with any purpose.
Technically we are short the pair from 126.04 with a low risk.
We are expecting price to break the 125.00 barrier before a quick slide.
Stop is 126.70
1st Target is 122.44 A break below this area with momentum is a proper structural failure and we will hold on to this position for as long as we can.
NOTE: The 126.09 is the weekly structure which was broken on 18th January 2016. A retest has already been confirmed and the only option here is to short the pair.
GLT and trade with care!
I will be updating this trade so you can follow me on twitter @charts_247 for update and more trade ideas.
Technically we are short the pair from 126.04 with a low risk.
We are expecting price to break the 125.00 barrier before a quick slide.
Stop is 126.70
1st Target is 122.44 A break below this area with momentum is a proper structural failure and we will hold on to this position for as long as we can.
NOTE: The 126.09 is the weekly structure which was broken on 18th January 2016. A retest has already been confirmed and the only option here is to short the pair.
GLT and trade with care!
I will be updating this trade so you can follow me on twitter @charts_247 for update and more trade ideas.
