The bearish AB=CD pattern is completing at 1.107 level and 1.618EXT of the AB is also at this level.
The 0.5 retracement of previous decline locats 1.107 level and 0.618 retracement is at 1.116,so this level will have very strong resistance.
Meanwhile the most important is that the previous structure is also at this zone.
So it is good to sell short at 1.107 levels when bearish candles appear.
SL:above 1.112
TP1:1.10
TP2:1.093 and further more
The 0.5 retracement of previous decline locats 1.107 level and 0.618 retracement is at 1.116,so this level will have very strong resistance.
Meanwhile the most important is that the previous structure is also at this zone.
So it is good to sell short at 1.107 levels when bearish candles appear.
SL:above 1.112
TP1:1.10
TP2:1.093 and further more
Trade active
Comment:
TP1 reached.
Trade closed: stop reached