Little divergence seen on 4h / strong support on daily
Daily chart has met strong support level seen at previous times. High probability of holding this level again.
Last candle on 4h chart looks like bearish engulfing candle which represents possible price trend reversal. Also small divergence noted on same 4h chart.
Trade looks like very risk reward favorable.
Trade parameters:
Entry: long at 131.50
Stop: 130.80
Targets: 132.90 and 134.00
If trade moves above 132.00, stop can be moved to break even or few pips above.
Last candle on 4h chart looks like bearish engulfing candle which represents possible price trend reversal. Also small divergence noted on same 4h chart.
Trade looks like very risk reward favorable.
Trade parameters:
Entry: long at 131.50
Stop: 130.80
Targets: 132.90 and 134.00
If trade moves above 132.00, stop can be moved to break even or few pips above.
Comment:
UPDATE: After price crossed 132.00 SL was moved to break even. As you can see, price has moved lower now and I was stopped out.