With a confluence of resistence above the 1.26556 area, a short should be considered with a break of both the 200ma and 1.25770 support area.
To reduce your risk wait for the retest of the 200ma / prior support area. Placing a stop just above the prior support area.
Once support is broken the first profit target is the prior 38.2 fib retracement level taken...
The ABC portion of this pattern was forming nicely. Once point C was established the move to point D has become quite sloppy, although none of the pattern rules have been violated. Price action did tag the 1.236 fib retracement but given the rising RSI channel I do not think the move is complete.
Please let me know what you think. I am new to trading and any...
