Sat back and watched this pair from my last analysis when I said it would come back to this level...I didn't think it would take this long to retrace here so I believe we will see another push into the 1.20000 - 1.20300 region. This is one to watch for the upcoming week.
This is a swing trade with possibilities to hedge throughout the gradual decline,
I will be shorting between the two blue lines with my stops above 1.20700 in case of any spikes upwards. (ideal entry 1.2040 - 50)
REASONING FOR THE TRADE:
-Trendline needs that third tap to confirm the structure
-1.20000 is a liquid zone as seen previously
-Double top formation (always use caution on the second top as they usually have long spikes to stop out the shorts
-retest of 1.15700 is needed and I believe 1.2000 will be the zones where institutions start selling
-DXY looks posed the break lower
NOT FINANCAIL ADVICE
This is a swing trade with possibilities to hedge throughout the gradual decline,
I will be shorting between the two blue lines with my stops above 1.20700 in case of any spikes upwards. (ideal entry 1.2040 - 50)
REASONING FOR THE TRADE:
-Trendline needs that third tap to confirm the structure
-1.20000 is a liquid zone as seen previously
-Double top formation (always use caution on the second top as they usually have long spikes to stop out the shorts
-retest of 1.15700 is needed and I believe 1.2000 will be the zones where institutions start selling
-DXY looks posed the break lower
NOT FINANCAIL ADVICE
