1) Looking at the bigger picture first, we had a very bearish week last week and this week's outlook seems to be similar.
2) On the daily, We are currently in a downtrend with lower highs and lows.
3) Price has broken key support around 1.08622 as well as next support of 1.07363.
4) The last 7 days of price action have all been bearish and I believe we will continue to roll over until 1.05200.
5) EMA/MA crossover back to the downside on daily chart .
6) Price tried to climb back higher after break of support area but long upper wick signifies selling pressure.
2) On the daily, We are currently in a downtrend with lower highs and lows.
3) Price has broken key support around 1.08622 as well as next support of 1.07363.
4) The last 7 days of price action have all been bearish and I believe we will continue to roll over until 1.05200.
5) EMA/MA crossover back to the downside on daily chart .
6) Price tried to climb back higher after break of support area but long upper wick signifies selling pressure.
Trade closed: target reached
Ax
EU is sitting on its last major TL and given how good retail sales were it still failed to make a lower low
I would at least wait for the TL to break before entering.
Price action signifies nothing but downward momentum, there is nothing that indicated to me at the time the trade was executed that we would reverse. As you have probably seen, we've continued to the downside. Your trend line is outweighed by the many other confluences that show bearish pressure.