The pair is still inside the channel, however the rising wedge formation is still in play as higher lowers and lower highs are forming, therefore suggesting a bearish breakout.
At the moment catching the trade along the channel (C1) seems to be the most viable option as the EMA’s have maintained a relatively neutral position prior to any confirmed breakout.
NB!! Given the plausible Rising wedge, holding bearish trades along the channel is advisable. Stop losses are key.
At the moment catching the trade along the channel (C1) seems to be the most viable option as the EMA’s have maintained a relatively neutral position prior to any confirmed breakout.
NB!! Given the plausible Rising wedge, holding bearish trades along the channel is advisable. Stop losses are key.
Comment:
The pair is heading towards the ceiling of the C1 channel and i have now placed a pending trade (sell limit) at the C1 level 1.35069.