Tendency: Downtrend ( )
Structure: Flag |
Observation: i. Price appears to be going through a correction move of the impulse leg XA.
ii. Correction move might culminate at 1.74500 which will serve as retest.
iii . On the weekly time frame(see link below); Price appears to have completed correction move of impulse leg (Oct - Nov 2018) at 78.6%.
iv. Expecting the price to reject the resistance 1.74500 before the rally down.
v. Price below Moving Average
Trading Plan: SELL with TP1, TP2 and TP3 (225pips) and SL @ 1.75000/1.75000 zone.
Potential Duration: 3 to 7 days
** Please note that Stop Loss is subject to individual risk appetite per trade and account size.
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