The pair is a clear downtrend on the daily, 4 hour and 1 hour charts. We are forming lower highs and lower lows. Price has rejected the downward sloping trend line acting as resistance twice. On the daily, 4 hour and 1 hour chart we have bearish engulfing formations. There is also confluence at the 0.50% fib level against the resistance line. Lastly, the Stochastic is in overbought conditions so this pair should head down towards the next structure low and key level of support.
Trade closed: stop reached:
I assume trade will continue in direction of trend. 1.4000 is a key level where price should reject and perhaps my stop should have been above that. 3 trades this week that have stopped out and this tells me that my stop loss levels need adjustment.