Long term trend: Down Medium term trend: Down Significant levels: 1.3 (Significant Round Number), 1.27 (Horizontal Resistance), 1.25 (Horizontal Support)
As the trend is currently down, it would be logical if we should find a trade to go Short. And this Pin Bar that formed recently is what we are looking for.
Recently, this pair made some retracement up. This could be our opportunity to go Short as this pair is really weak as of now. Currently, the price is making an inside bar which is normally a continuation pattern. A bearish pin bar, followed by an inside bar could be an indication of the continuation of the trend. Take note that the pin bar formed at/near the resistance.
Trade well.
Comments
FullTimeTrader
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Hello, i agree with you, the test and reject of the 1.2700 level i call PFT (pressure, fail, trade). This means the bears failed to make a rally and now the down trend should continue.
Greetings
Greetings