has broken through horizontal support after a Head and Shoulders
topping pattern earlier in the week. A top is now in place at 1.1450 and pair appears to have resumed it's down trend - we opened a small short position at 1.133 and added at the open. Aim is to fade into a much larger position targeting the multi-year lows, continuation. Pair has been declining at an average pace of 92 pips per day since the top was set.
Resistance at 1.1060, 1.11 with an invalidation above 1.120/descending trendline
. Support is the ascending trendline
at 1.0910, with a break lower targeting former resistance at 1.0745 and the multi year lows 1.0520 & 1.0468.
We managed to survive this bout of counter-trend buying through sitting out and most of our profits from the last trip down remain in tact. Holding short.