Target: 1.3769
Invalidation point: RSI(14) on daily chart below 40 or below thick black Moving Average Composite
Reasons why:
* Positive reversals on daily chart of CFG, target 1.3769
* Bearish divergence on daily chart of CFG, which confirms uptrend
* RSI(14) mvoes between 40 and 80, which confirms uptrend
Overview of all timeframes
M: Down, NR TA: 1.0973, RR bear
W: Up: RSI>60, supp on 1.3372 (last PR TA)
D: Up: PR TA: 1.3769, divergence
4H: Down: Missed last PR / bear RR
Interesting to see if the bulls have enough power to also invalidate the negative reversal on the montly chart, which has a target of 1.0973.
Invalidation point: RSI(14) on daily chart below 40 or below thick black Moving Average Composite
Reasons why:
* Positive reversals on daily chart of CFG, target 1.3769
* Bearish divergence on daily chart of CFG, which confirms uptrend
* RSI(14) mvoes between 40 and 80, which confirms uptrend
Overview of all timeframes
M: Down, NR TA: 1.0973, RR bear
W: Up: RSI>60, supp on 1.3372 (last PR TA)
D: Up: PR TA: 1.3769, divergence
4H: Down: Missed last PR / bear RR
Interesting to see if the bulls have enough power to also invalidate the negative reversal on the montly chart, which has a target of 1.0973.
Trade closed: stop reached:
Changed view to bearish, update will follow later.