The pair tried several times to break above trend line on daily chart but sellers are pushing it down. I am expecting downside movement towards 1.6200 round figure.
The pair is in correction in the descending channel and seems like it's about to decline, finishing correction according to false breakout. 1.4000 round number will be the first resistance and if price manages to break it and also the first supportive trend line and consolidate bellow it, than probably down side of the channel near 1.34-1.35 zone will be reached.
The pair has consolidated above 1.5600 round level, also has broken minor trend line on H4 chart and is trading near it's supportive side of the rising long term channel. So I am expecting it to begin new impulse towards the 1.6000 resistance where also red trend line resides. If it manages to brake red trend line and close above 1.6000 level, than probably we...
I've been watching this pair for more than one week waiting for a breakout and finally it happened. So now let's sit and wait if we get entry signals for short trade.
The pair has already tested broken trend line two times on a daily chart and it seems the downward momentum will continue and drive price somewhere in the down border of the channel.
I think pair's upward movement is not over yet so let's enter long and see what will happen... Price should at least test second trend line which will act as a resistance;
I supposed yesterday that the pair will retrace back to 124.00 round number where we have trend lines drown. Nice pin bar was closed in the sell area so we can open shorts...
Conservative way: place sell limit order in the middle or in the top of the pin bar
