is trading within a descending channel
formation. It is currently around the resistance levels, and so our current bias is bearish
. The 50% retrace seems to be holding up thus far, and we're looking for a simple trade with the direction of the channel. The trade will be based upon a break of the internal ascending trend-line, a break of the 50 RSI
equilibrium to the downside, and finally a break of the 50 SMA
to the downside. Our current trading plan carries around a 2.5 to 1 risk:reward ratio. It should be noted, that our longer term outlook for the pair is still bullish
, so this trade is not about staying in the market for a prolonged period, rather just about looking for shorter term entry and exit.