- Price remains constructive to trade higher within the rising bullish channel
- Overhead resistance approaching near 1080 - 1100 price levels
- Weekly RSI is bullish but overbought - look out for the 100 weekly MA currently at 1121 for resistance too
- Looking for a short trade at the top of the bullish channel which coincide with 38.2% Fibo move from 2014 high to 2016 low
- Looking at entry at 1087 with stops at 10 and targets a retest of 1000 level at least to make the RR worth it (mind you entry levels might change as we wait for a confirm signal)
- Failure there, we will look for another entry but the risk reward has shifted in favour of a run lower
- However, this trade will need a confirmation from daily candles if a reversal is in place
- Overhead resistance approaching near 1080 - 1100 price levels
- Weekly RSI is bullish but overbought - look out for the 100 weekly MA currently at 1121 for resistance too
- Looking for a short trade at the top of the bullish channel which coincide with 38.2% Fibo move from 2014 high to 2016 low
- Looking at entry at 1087 with stops at 10 and targets a retest of 1000 level at least to make the RR worth it (mind you entry levels might change as we wait for a confirm signal)
- Failure there, we will look for another entry but the risk reward has shifted in favour of a run lower
- However, this trade will need a confirmation from daily candles if a reversal is in place
Comment:
Trade is placed and we recommend stops to break even and let this run