The weekly chart gives a trend reversal signal based on a bearish divergence. The daily chart supports the downward movement by falling swing highs. MACD histogram gives a bearish signal. DMI does not confirm the power of bulls. If the price breaks the support zone formed by SMA50 and the uptrend line, it will be a new sell signal. Entry level is 1.22480 with stop orders at 1.25300 level. Profit targets are 1.20000 and 1.16000 support levels.
I respect a lot your trading skils, this time I have opposite view.
Im long at 1.2270, SL:1.2240, TP: 1.2480.
Lets see, take care and wish a good trade.
DLavrov
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@izyodore, Thanks for your comment! I wish you good luck, let's see where the market will be in some time.
ioberula
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Hello Dmitriy,
how do you think, as price breaks downtrend line does it invalidates this trade setup?
Shell we go for long instead of short ?
Thank you.
Im long at 1.2270, SL:1.2240, TP: 1.2480.
Lets see, take care and wish a good trade.