We are in a clear down trend and have a nice pull back to a previously established support level
now acting as a resistance level
. We are also in between Fibonacci retracement
levels of 50% and 61.8% We also have reversal candlesticks
forming, clear pin bars. Also at the 50 SMA
. All these factors have contributed to us shorting this pair. The stop loss is slightly wider than usual as we feel the pair might hover around this area for sometime. Also this is a bit of medium-long term trade and it might take some time before we see profits. Maybe even a month.