We clearly saw a double top formed after several days of rejections near the 1.3360 level on the daily chart. After breaking the daily support on 20th of March we are seeing 4 day of rejections to close above that level 1.3220 speaking. After the big rejections on the 4h timeframe of yesterday before the close of the day we are now sure about the current bias of this pair being down down down. The first target we need to reach is 1.3030 .Then we can see 3 scenarios happening to act and enter on the position.
1. Breaking 1.3 on daily chart,creating a corrective structure than entering for at least 200 pips target to the downside.This is the perfect scenario i wait.
2.To reach the 1.3 levels but not to break it in the trendline of the daily chart and retest the 1.316o levels again, and than to break to the downside or we can also 3. see a continuation again to the uptrend level if we see a rejections in daily timeframe and reach 1.33 again.
Anyhow for the moment we only have a down bias and should be looking only for SELL, because if we want to buy we need at least to break 1.3220 on daily level and have a retest of it as i have shown on the graph analysis.
In my own personal opinon, since i see a strong DXY i see this pair down to 1.28 levels on the upcoming days.
Tip: this is a very risky pair as the Brexit deal happening nowadays. Trade carefully and manage your risk properly.If any advice needed please dont hesitate to contact me at anytime. I would deeply appriciate following my profile and sharing my analysis as these are only in your benefit as being a very thought analysis and results of working in charts for 5 years. This is very educational post.Thanks in advance!
1. Breaking 1.3 on daily chart,creating a corrective structure than entering for at least 200 pips target to the downside.This is the perfect scenario i wait.
2.To reach the 1.3 levels but not to break it in the trendline of the daily chart and retest the 1.316o levels again, and than to break to the downside or we can also 3. see a continuation again to the uptrend level if we see a rejections in daily timeframe and reach 1.33 again.
Anyhow for the moment we only have a down bias and should be looking only for SELL, because if we want to buy we need at least to break 1.3220 on daily level and have a retest of it as i have shown on the graph analysis.
In my own personal opinon, since i see a strong DXY i see this pair down to 1.28 levels on the upcoming days.
Tip: this is a very risky pair as the Brexit deal happening nowadays. Trade carefully and manage your risk properly.If any advice needed please dont hesitate to contact me at anytime. I would deeply appriciate following my profile and sharing my analysis as these are only in your benefit as being a very thought analysis and results of working in charts for 5 years. This is very educational post.Thanks in advance!