1. Overall, we are on a bearish trend on Weekly Chart, but recently price action has shown an upward trend (A small slope though)
2. On a daily, we are in a clear downtrend with an important 1.3800 resistance level and a trending support price level.
3. A test of 4-hour level needs to occur (Double rejection) for a potential short trade where the price could target the 4-hour supporting trend.
3. At the 4-hour level we can see an important level been formed (Acted as Support and Resistance.)
3. A successful test and rejection of the 4-hour level can offer good short side trade to target the weekly Support Trend.
Trade Info:
1. Order Type: Sell Limit
2. Entry price: 1.35429
3. Stop Loss: 1.36100
4. 1.33316
2. On a daily, we are in a clear downtrend with an important 1.3800 resistance level and a trending support price level.
3. A test of 4-hour level needs to occur (Double rejection) for a potential short trade where the price could target the 4-hour supporting trend.
3. At the 4-hour level we can see an important level been formed (Acted as Support and Resistance.)
3. A successful test and rejection of the 4-hour level can offer good short side trade to target the weekly Support Trend.
Trade Info:
1. Order Type: Sell Limit
2. Entry price: 1.35429
3. Stop Loss: 1.36100
4. 1.33316
Comment:
4. 1.3316 is Take Profit.