The pair is trading on a 4H Channel Down ( RSI
= 49.565, MACD
= -0.001, Highs/Lows = 0) within a wider 1D Channel Up ( RSI
@ 58.099). The 4H Channel Down is aiming at the Higher Low of the 1D Channel Up. This is projected to be within 1.2900 - 1.2950. The previous 4H Channel Up made its Lows where the Channel Up before it made its Highs as seen on the chart. So there is a certain structure between then. Based on that our short's TP is 1.3000 (risk seekers may even try 1.29400).
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