From the weekly view, this pair has declined from the high of 126.95+- since beginning of Sept 20 and we can see that it 126.50+- is a level where we need to watch (as indicated in blue zone R1)
While for daily timeframe, daily trend line is broken it leads to the pair declined further
As for H4 and H1 we can see that the price has been doing the retest since 17 Sept 20 and before closing of the market last week.
Setup strategy: SELL LIMIT or Sell
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
While for daily timeframe, daily trend line is broken it leads to the pair declined further
As for H4 and H1 we can see that the price has been doing the retest since 17 Sept 20 and before closing of the market last week.
Setup strategy: SELL LIMIT or Sell
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
Trade closed manually