First, it broke out of the upper channel fiercely, taking us out of shorts. We stay on the sideline to watch, it falls to the near 50% FIB level (see yellow dotted line) and we take a nibble at 1.17500 to buy.
NOTE - it has closed above 21 EMA with a strong bullish engulfing candle, no reason for us to think it will go south in the short term.
All the best in your trading , guys!
NOTE - it has closed above 21 EMA with a strong bullish engulfing candle, no reason for us to think it will go south in the short term.
All the best in your trading , guys!
Comment:
take some profit as it is now near to the resistance level of 1.18476. We have moved our stop loss higher as well. My target is 1.18825 which is the 618 FIB level in day chart.
Comment:
congrats to those who followed. while it did not hit the precise level of 1.18825 and retrace, it has formed a bearish engulfing candle . we take a small position to sell now. entry at 1.19283, SL at 1.19724. best of luck to all