Price is retracing back to the downward trendline after it has broken. This is commonly seen after price has broken a certain structure. Looking to buy this pair up to the 61.8% retracement. TP at 0.73900 area
For those of you who are long, it's a good idea to close when it reaches the trendline as the main trend right now is bearish in the coming weeks since it has not been able to close above 148. Selling after it reaches the trendline. Price could go down all the way to 142 area. Trade with care.
In the 1Hr chart, price is trading near the bottom of the trendline. As a trendline follower (most of the time) I will look for a long in this trade unless it breaks to the downside of the trendline.
In the 4H chart price has formed a bearish engulfing candle indicating the price might have been exhausted of the up move and is now being taken over by the bears. I entered a short at current price targeting at least the 0.618% retracement as TP. SL above 147.895
Safe trading guys!