The resistance level 1.28500 can be good for opening short trades. Price reached this level and bounced. Today we have the 2nd attempt to break it but it looks like the market is going to move down. RSI gives a sell signal. We can place pending orders for entry below 1.27650 with profit targets at the support levels and the uptrend line. Stop orders must be placed above the resistance level 1.28500 and the local swing high. As for long trades, they can be opened if price bounces from the uptrend line.
Dear DLavrov
As a classic school , it makes a classic flag and waiting for the red candle to be either break up or down , this is what i think , from my side , i rather wait for the break out and then i will decide.
DLavrov
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@GHAMDI, thanks for your comment! yes, you are right, it's a flag chart pattern. Just a variant you can trade based on breakouts. This trading idea is about price reversal from the resistance level, it's other variant )
FreeBobby
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@rmmabry
EsmailBoumrah
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Great charts and think you,i totally agree with you;
Nice analysis! I'm on the long side of this trade, and I'm looking to hold this for the long term as Britain exits the EU I believe it will strengthen their currency even more. What is your timetable for your short thesis? Are you looking at a shorter term short? Or do you see more downside on the longer time side? Interested to hear your feedback
DLavrov
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@rockvuecap, thanks a lot for your comment! This is a short term trade. The idea is to make some profit if price bounces from the strong resistance level and moves to the uptrend line. As for long term trades, based on the weekly chart the market is more bullish. I think you are right with your long trade and I wish you good luck :)
SylvinAntonius
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@DLavrov, what do you think about short term? Any chance for this pair to keep going down further?
DLavrov
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@SylvinAntonius, this trading idea - it's short term trade. Price is at the strong resistance level, look at the daily chart, and I think price will fall to the uptrend line.
As a classic school , it makes a classic flag and waiting for the red candle to be either break up or down , this is what i think , from my side , i rather wait for the break out and then i will decide.