- Weekly Chart - The main thing so far is that based on the stochastics, price has some room to go down again. The initial fall's catalyst was a double top on the 4hr and since then price has broken past 1st support level. As expected it is currently retracing to retest that level. I anticipate a retest and continued downside until the 3rd Support level at 1.17356.
- Daily Chart- On the daily, price bounced off of the 200MA as it would have and is retesting previous broken levels. Price is expected to atleast fall back to the 200MA.
- Wait for cyclic changes on the 15min and hour charts for shorting signal
- Daily Chart- On the daily, price bounced off of the 200MA as it would have and is retesting previous broken levels. Price is expected to atleast fall back to the 200MA.
- Wait for cyclic changes on the 15min and hour charts for shorting signal
Trade active:
- 1st Target reached. 100+ pips towards the Daily 200MA
- 2nd target will be 1.17515 around the next MRA / weekly support.
- Another sell position will be opened after a retest of this current broken support area
- 2nd target will be 1.17515 around the next MRA / weekly support.
- Another sell position will be opened after a retest of this current broken support area
Trade closed: target reached:
2nd Target reached - Price has hit weekly support
Trade will now be closed
Trade will now be closed