Hi Traders, The higher timeframes of this pair indicates downtrend, so we are looking for short positions. A good and safe trade setup would be to enter a short position when price close below the highlighted zone (1.16554 - 1.16478). If the breakout candle touches or breaks the 1.16401 levels (Yellow) its better to wait for a retracement candle. The target can be either 10 - 20 pips, but we have a good support at 1.16307 levels (Red). For queries pls comment below and do like and follow... Happy Trading
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at the time of entry, the 50 sma has to be above.
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The stop loss can be placed above the highlighted zone but this setup is considered a loss only if a candle close above the highlighted zone.