Why it is lower?
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- The pair has been lower since the creation of a double top and bearish divergence since early this year.
- However after price penetrated the double top neckline, it retested it in May and since then price moved within within a well defined range.
- Price move into a consolidation since late Oct and created a descending triangle.
- A few days ago, a bearish price action penetrated the support of the triangle.
- The support was then retested yesterday but failed with a bearish key reversal.
- The pair might be heading lower towards 124.5.
- Already short this pair at 127.23.
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Trade closed: target reached:
TP hit. Stand aside for now.