The pair has ended the week with a broken 2018 support level, and is selling off strongly. Watch for the levels 1.64 and 1.622 of trendline/fib and horizontal support, where there might be a violent reaction. I will recommend putting in a small entry at 1.64, and a much larger entry at 1.622.
As the pair has clearly broken key support and Ema, the relief rally is likely to be corrective for more downside, so adjust your TP to the appropriate fib-retracement levels. That being said, As the pair had moved so strongly in november, the correction is likely not a small one.
As the pair has clearly broken key support and Ema, the relief rally is likely to be corrective for more downside, so adjust your TP to the appropriate fib-retracement levels. That being said, As the pair had moved so strongly in november, the correction is likely not a small one.
Note
conservative traders can wait either for rsi divergence or better yet, a break of the down trendline. i'm confident that there'll be a lot of buy orders above.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.