Short/medium term perspective. I see this pair going down now, targeting a conservative target of previous daily support at 119.30.
- Daily downtrend,
- Lower highs, daily lower high confirmed by a lower high on a smaller 1H timeframe where the fib 61,8 level acting as resistance pushed the price back down and
- 4h bearish engulfing close on fib 61,8 resistance
- MA-s crossed to the downside
I have my confirmations to take this trade, the risk reward is there at 1:4 which makes this trade attractive to take.
Entry at 120.29
Stop at 120.53
Targeting 119.29
- Daily downtrend,
- Lower highs, daily lower high confirmed by a lower high on a smaller 1H timeframe where the fib 61,8 level acting as resistance pushed the price back down and
- 4h bearish engulfing close on fib 61,8 resistance
- MA-s crossed to the downside
I have my confirmations to take this trade, the risk reward is there at 1:4 which makes this trade attractive to take.
Entry at 120.29
Stop at 120.53
Targeting 119.29
Trade closed: stop reached:
Stop was hit on this trade. Managed to move SL to BE and re-enter at later day, however the trade did not reach my target by the end of the week so I decided I will take profit earlier.
To the next.
To the next.