Momentum on the weekly, daily and 4 hour EMA all aligned heading SE. Monthly EMA is currently neutral and price is consolidating just above the daily trendline. If price is able to break and close below the bullish daily trendline then bearish pressure is likely to continue to push price lower to the next daily key level of 1.18860 and could continue down to 1.18350.
If however price breaks back to the upside we are likely to see price rally back 1.19900
Trade active
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stop above the previous consolidation high
Comment
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Take partial profits and move stop to break even (just into profit)
Comment
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As a side note I will be leaving this trade to run and will NOT be moving my stop from above the previous high of the consolidation area as I intend to hold this trade. The above comment is for anyone who may be intraday trading. Hope that helps. Again how you manage a trade is up to you (its preference). This is just my idea
Trade closed: stop reached
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Price failed to close below daily support rebounding off monthly dynamic support
@Wayne90, I am however please follow your own analysis as with any trade idea things can change. As a point of reference my stop is located above the previous area of consolidation if you do wish to use the idea.