Possible formation of a descending triangle. Short term sentiment is bullish however we may see major rejection in several weeks and months to come. Retest may be in the forecast and continuation of a downtrend on the weekly. Swing traders may want to buy the USD for quick profits. On the daily timeframe my entry would be 1.27441 and my TP1 would be 1.29300. My idea is to ride the roller coaster up to the resistance trendline and then anticipate the fall of price action with a sell limit 1.29340 into the major support zone around 1.27148 for about 300 pips. Take profits often and cut losses using stops.
*Trading is not for everyone and losses could easily exceed investment capital. Use proper risk management and smaller lot sizes to protect individual accounts.
*Trading is not for everyone and losses could easily exceed investment capital. Use proper risk management and smaller lot sizes to protect individual accounts.