This pair currently seems to be retesting a significant daily/weekly resistance price level & has also formed a double top on this 4HR chart & a bigger DT on the Daily chart.
While price had been moving up, volume had been decreasing on this 4HR chart as well as on the 1HR chart, indicating bulls are probably running out steam now.
If you were to take a look at the daily & weekly chart, you will also notice that indicators are also showing bearish divergences.
We'll watch PA for now & If price does not close above our resistance line, I believe a short to 1.00280 will make a nice price target.
Should price close above our resistance line, this idea will no longer be valid & we'll have to look for different probable entry.
While price had been moving up, volume had been decreasing on this 4HR chart as well as on the 1HR chart, indicating bulls are probably running out steam now.
If you were to take a look at the daily & weekly chart, you will also notice that indicators are also showing bearish divergences.
We'll watch PA for now & If price does not close above our resistance line, I believe a short to 1.00280 will make a nice price target.
Should price close above our resistance line, this idea will no longer be valid & we'll have to look for different probable entry.
Comment:
Daily Chart
Comment:
Weekly
Comment:
SL now at B/E. This is now a risk free trade.
Trade closed: target reached