On the 4H chart the price has made a steady down-trend and there has been a decending triangle forming. The price also has broken below the 20 and 50EMA which indicates a further downside could be on the way. Since USD data is coming out today, I expect the price on this pair to reach at least 1.33000 which would provide us with a nice 50 PIP short trade.
Comment:
We are about 7 PIPS away from our target of 1.33000, I have closed down 50% of my position and moved my stops to B/E. I will let this trade ride out to 1.32260. Hopefully WTI inventories and a rally in oil will help us get there. Cheers!
Trade closed: target reached:
TP1 Reached