Hello, from my point of view this pair is already on downtrend. We can see the sequence of LH, LL already forming.
This pair likes periods of long-term consolidation and then a strong breakout. My prefered scenario is a breakout to the downside.
Looking at W1 chart we see price is testing a strong level of S/R. We see also a convergence (first lower low) and confirm it on oscillator.
Here on D1 chart we have:
- 0.61 fib retracement
- pinbar showing rejection
- slight divergence on RSI
I would sell here with SL and targets shown on chart. This is a long-term trade.
BE CAREFUL tomorrow with the NFP news.
Best regards.
*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
Follow me on Twitter for updates: @fxtrader2000
This pair likes periods of long-term consolidation and then a strong breakout. My prefered scenario is a breakout to the downside.
Looking at W1 chart we see price is testing a strong level of S/R. We see also a convergence (first lower low) and confirm it on oscillator.
Here on D1 chart we have:
- 0.61 fib retracement
- pinbar showing rejection
- slight divergence on RSI
I would sell here with SL and targets shown on chart. This is a long-term trade.
BE CAREFUL tomorrow with the NFP news.
Best regards.
*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
Follow me on Twitter for updates: @fxtrader2000