The market overview based on the daily timeframe and why it is better to sell in this market you can find in the related ideas.
The price tried to break the resistance zone at 0.99800, but this attempted failed. The market forms a clear double top, and it is a trend reversal chart pattern. This pattern will be confirmed when the price drops below the swing low between 2 tops. If so, we will get a sell opportunity. Pending orders for sell should be placed below 0.99600 support level.
Entry Price: below 0.99585
Stop Level: above 0.99875
Profit Level: 0.98875
Risk per trade must be no more than 1% of your capital. If the price moves above the stop level, we will have to search for a new trade opportunity.
The price tried to break the resistance zone at 0.99800, but this attempted failed. The market forms a clear double top, and it is a trend reversal chart pattern. This pattern will be confirmed when the price drops below the swing low between 2 tops. If so, we will get a sell opportunity. Pending orders for sell should be placed below 0.99600 support level.
Entry Price: below 0.99585
Stop Level: above 0.99875
Profit Level: 0.98875
Risk per trade must be no more than 1% of your capital. If the price moves above the stop level, we will have to search for a new trade opportunity.
Comment:
The trading idea stays workable.
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