Very high risk entry for long. Bunch of signals that the price may go down to 1.24 and even lower.
1- The fall did nor flinch at 1.28, where there was a strong resistance. This means weakness
2- There is a Neckline (shown as a dotted line on chart), which could be a possible neckline of a large scale Head and Shoulder formation (though not clear yet)
3- Multiple trend and channel lines pointing and meeting at 1.24 levels.
4- No obvious sell off of Oil nor reversal of USD Index.
5- Currently we are clearly in a minor 3rd wave (shown on chart)
6- The recent support at 1.28 is now a strong resistance against the bulls.
All these considered I would not go Long. On contrary I think the very moment is a good point to go short for short term traders.
1- The fall did nor flinch at 1.28, where there was a strong resistance. This means weakness
2- There is a Neckline (shown as a dotted line on chart), which could be a possible neckline of a large scale Head and Shoulder formation (though not clear yet)
3- Multiple trend and channel lines pointing and meeting at 1.24 levels.
4- No obvious sell off of Oil nor reversal of USD Index.
5- Currently we are clearly in a minor 3rd wave (shown on chart)
6- The recent support at 1.28 is now a strong resistance against the bulls.
All these considered I would not go Long. On contrary I think the very moment is a good point to go short for short term traders.