This pair has moved a lot to the downside and its time to look for reversal or correction.
RSI is extremely oversold and a first sign for reversal/correction has appeared.
Watch the support line for a possible reversal. If you see a good rejection (removing 75-80% of the bearish candle), you may buy this pair.
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We have successfully longed this pair last week and will continue to long it. You can add to your long from the green and red lines.
Stop loss is 3.5850
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Use any new lows to long this pair, To confirm the expected up move, Monday's candle should print a higher high and higher low.
I do not use stop loss for the pair but you can use 3.59 as a stop loss if you like.
This trade is valid for the whole week.
Further to my chart of yesterday, the trend point has shifted from the resistance zone to a supportive zone on Feb. 14.
Look for longs only and no shorts anymore.
The best longing area is the red line but you can long after breaking the green line.
Stop loss is 3.60. If you cannot afford it, do not take this trade.
This pair is still correcting, however, the trend point may shift tomorrow from its current resistance zone to a supportive zone due to the current up trend for DXY.
I am only watching this pair and might look for LONGS soon.
Technical factors supporting price decline
The pattern of the two peaks forming on the weekly basis supports the downside to the neckline of the pattern at almost 355 levels and is also the target of the 4-hour head and shoulders pattern that has not yet been targeted.
Will the model break the neckline or not?
Firstly : If the neckline breaks, the price will...