I see price in a consolidation between the 1.38000 support and 1.39500 resistance levels. Off of the 1.39500 level price has formed a very large bearish engulfing
bar ( BEOB
). Although not clearly presented on this chart, there is some nice divergence between price and MACD
data, further supporting a bearish
outlook. I see no reason for price to hit the 1.38000 level for a nice, quick profit. My stop loss would be placed just behind the 1.39500 level, and not the full bar.