The SELL signal for this pair has emerged today on the 12-hour chart. As per our May 19th analysis, after breaking through the 138 resistance level, I've been patiently waiting the sell signal. The price not only surpassed 139 level but also went beyond 140, just as explained may happen in the initial analysis.
Today the TRFX indicator gave us the all-clear to initiate a short position. My stop is set comfortably above the Weekly SUPPLY/SELL zone, which is above the green box marked on the chart My initial aim for this position is the 137.5 area, as denoted by the green line.
As the position moves towards this target, I'll revisit and analyze its progress, with a possibility of maintaining it for the long term.
To understand my method behind this setup please read the related post hope you enjoyed!!