Strong resistance in the 1 day chart triangle + pre-brexit high resistance. + Overbought conditions.price breaks the up trend hold on. + Bearish US jobs data. watch out for Q.E. threats and government intervention along the way. TP will vary based on when the trend line is breached, and condition of technicals after breach of course conditions of technicals....
There are so many reasons to short this pair now with a stop at 1.57. Seems pretty self explanatory. Under a broken north trendline.. Divergence, Multiple price patterns suggesting selling and rejection. Maybe down to 1.51? No one can know.
See attached ideas below for more information
After seeing a very strong bullish move up into Strong Resistance area, we are seeing a bearish break out trade forming on the 1H chart looking @ 45 Point stops - 45 point TP1 + TP2 ? ? ?
Looking for a break of the upward support, that will be a good entry for a small position and then I can add more if it retraces back up to that line.