Looking at the 1hr chart, I see the 20 EMA supporting the move up for the last 2 days. Also, there's the 61.8% fib level (1.6167) from the move down from 28.04.2011 to 13.01.2012 holding the move up on the 1hr chart today. If I see an hourly candle closed below 1.61441 and 20 EMA at the same time, we can probably go down and test 1.6119 - 50 EMA or even lower to 1.6088 (200 EMA). I prefer to see the 1hr candle closes below the 20EMA, go back test it, so that I can open a short from around 1.6144 with tp1 = 1.6120 and tp 2 1.6090. sl at 1.6160
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DonDimadjo
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Well, the price worked out, came back to re-test 1.6144, I took a short, got the first tp at 1.6119, moved stop loaa at break even, and starting to wait for the tp 2 where the 200EMA is laying -> 1.6092 (it moved a bit up from yesterday's 1.6088). Sadly but the UK retail sales data from this morning helped the price push back up and took me at break even. well, i did catched my tp1 and got zero loss, while waiting on the tp2, so a good trade in the end ;-) now looking to set another short from 1.6160 with a stop loss at 1.6175 and a tps again 1.6120/ 1.6092. What added to my bias is a 1hr bin bar to the 1.6167 level (remember what that was).