As Explained in previous posts, our psychological target still remains at 1.2000. On the opening of the market we can expect price to drop tp trendline
(1.10500). However, if price breaks below and closes below the trend line
and red horizontal level then we can see further bearish
As Explained on the chart, we have a descending channel
representing weak bearish
momentum, divergence, and oversold on the stochastic
on the daily time frame. The Red horizontal line represents 61.8% retracement
. Our first upside target for this week would be 1.12800 then 1.13800.
For Swing traders stops should be placed below the trend line
around (1.0500) and for day traders stops should be set accordingly.