The pair is trading near the massive 5 year downtrend resistance. These ones don't get broken easily, let alone in one go. Therefore, our target trade is a short. However, there is a small horizontal resistance right below it, and the bullish triangle that is now forming is signaling that the market is preparing to break it.
TRADING PLAN: Wait for a breakout of the small resistance and then catch the SL wave to get yourself a great entry price with sell limits.
SL ABOVE the previous high on the left.
3 TP, as there are 3 meaningful levels. And the move is promising to be a good one.If you are aiming at the TP3 that is more of a swing trade though.
What if the horizontal level stands? Then we don't trade this idea at all. However, if you see a confirmation of the reversal by this level, you might go short with 0.5% deposit for fun. Probability with confirmation 50%.
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