All 4 parameters are met for a reversal from the overall trend. Now just looking for the break of price structure and then a possible retest and/or entry signal.
Looking for an entry around the 1.2185
TP #1 will be 1.2300
TP #2 will be 1.2415
SL will be 1.2110
Several things stick out to me...
1) It's at the bottom of the downtrend channel
2) It looks like it is about to complete its 5th wave
3)RSI is starting to become divergent showing that what/who is pushing price lower is getting weaker.
4)It's sitting at support levels from Aug '18 and '17 before they spiked long.
I watched this pair most of this morning and...
I'll be keeping a close eye on this one. The more times it test the trend line the more excited I get. Here we are in a beautiful uptrend, If it breaks below the line I'm going to wait for all indicators to confirm we are in a downtrend before shorting. If it closes above the resistance or bounces off the support I will be buying.
It has a good upward trend right now but its staying very consistent in the small channel. The 9 and 26 day are sitting flat and price is above the 26 but below the 9 day. I would like to wait for more indication on where the price is going to go.
The 9-day and 26-day average are both heading down and the price just broke below the cloud. I would expect the price to continue down to the next level of support. Be patient and wait for a setup to sell.
The price is currently sitting at the 26 day average and could bounce off and head up towards the 9 day average. If it breaks below the 26-day I expect it to see it continue to drop the next level of support at/around 0.87000 if it bounces off it should continue up. But there is no play at this time.