I expect a retracement to 1.378 and since I am bearish overall about this pair, I would look at the retracement area to show light demand and maybe catch a good sell entry, that would give us good stop loss opportunities.
IF we do go upside 1.378 on sign of strength from demand, I would look about how price reacts reaching 1.38. And not holding any serious buying positions unless we would break upside the area on SOS, which I would look at 1.40 next.
But my main sign I am looking for to sell is a break under 1.372 on heavy supply. Which will make me aim at 1.365 next, and 1.35-1.36 on maintained supply making LL.
Daily
Weekly
And if we compared the 6th to the 27th September weekly closure, we had way more supply weight and power ever since we got upside 1.36 around March
Monthly
IF we do go upside 1.378 on sign of strength from demand, I would look about how price reacts reaching 1.38. And not holding any serious buying positions unless we would break upside the area on SOS, which I would look at 1.40 next.
But my main sign I am looking for to sell is a break under 1.372 on heavy supply. Which will make me aim at 1.365 next, and 1.35-1.36 on maintained supply making LL.
Daily
Weekly
And if we compared the 6th to the 27th September weekly closure, we had way more supply weight and power ever since we got upside 1.36 around March
Trade closed: target reached