Eur GBP short taken. Great Risk Reward Potential.
Prie is at the 78.6 level on the weekly timeframe. The previous weekly candle closed as a doji which is an indecision candle. Ideally we should wait for a break above or below the indecision candle for a clear indication of direction. Took the short trade as I zoomed in to the lower time frame and saw a lower high...
FX:EURNZD Eur Nzd fell sharply after hitting resistance. I am waiting for a retrace in to the old demand zone now supply to monitor price action for signs of rejection. Price has the potential to fall much lower.
Cadjpy is currently approaching a fresh supply zone. Watching Price action on the lower time frames to give clear indication of bearish momentum kicking in. I am conscious of the descending trendline which has been broken, however this could be a false breakout. As long as price remains below 81.50 my bias remains bearish on this pair.
Eur Chf is at a weekly support zone and appears to be ranging on the weekly time frame. Possible long opportunity with a high risk reward. If price retraces on the lower tf to the highlighted zone i will consider long execution.
Looking left we can see price has not been so low in a while. Structure is indicating a shift in direction. Higher low created and previous lower high was broken. We now need a retest of this area before continuing up.