Updated chart, more down side to come!
Updated my drawing! Had a nice TP from my previous trade and will be looking to add another short position. Currently, price have broken off from the first level of support, supported by the candle indicated by volume no. 2.
I am expecting more bearishness to 0.72 but price is at a no-man land at the moment although one can still try to squeeze a 1:1 risk ratio.
I would rather price to retest the resistance again at 0.7275 where I will look to enter again to gather more energy to break through the second level of support to 0.72 level.
NFP will be out tomorrow, and there is a possibility that it can trigger a big move down. Resistance at 0.7303 seems to be holding pretty well but one has to be careful when placing a tight stop loss due to the high volatility from NFP.
I am expecting more bearishness to 0.72 but price is at a no-man land at the moment although one can still try to squeeze a 1:1 risk ratio.
I would rather price to retest the resistance again at 0.7275 where I will look to enter again to gather more energy to break through the second level of support to 0.72 level.
NFP will be out tomorrow, and there is a possibility that it can trigger a big move down. Resistance at 0.7303 seems to be holding pretty well but one has to be careful when placing a tight stop loss due to the high volatility from NFP.
Comment:
Resistance at 0.7303 is still holding well, but on the price action point of view, price is coming with a triple pin bars, all with nice volumes. I would most likely be cutting loss or take small profit before FOMC as I think price might spike up to 0.7347. Let's see.
Trade closed: stop reached:
Due to NFP