As the underlying trend is bearish, we have an opportunity to jump on that trend and go short:
1) This pair ended the week on an oversold condition in a bearish trend, so we can expect it to go to the 0.5 retracement level from last swing down, which is in confluence with previous support, now resistance level.
2) We can go short from there with stops a bit above previous high and target around the 127.2 extension level at 1.06480. This of course is a first target, as we can take the second target at the 161.8 extension level or beyond, depending on your analysis.
We can take cover half position on the 127.2 extension level and move stops to breakeven so we can leave the trade open until next support level around 1.06136. This would be great, as we could have a risk free trade from here.
Good luck!!!
1) This pair ended the week on an oversold condition in a bearish trend, so we can expect it to go to the 0.5 retracement level from last swing down, which is in confluence with previous support, now resistance level.
2) We can go short from there with stops a bit above previous high and target around the 127.2 extension level at 1.06480. This of course is a first target, as we can take the second target at the 161.8 extension level or beyond, depending on your analysis.
We can take cover half position on the 127.2 extension level and move stops to breakeven so we can leave the trade open until next support level around 1.06136. This would be great, as we could have a risk free trade from here.
Good luck!!!