No one would argue that this pair has been bearish since Nov. this year. But for the past 10 days, it has been correcting within a channel structure. On close study of price action, I feel that it may be ready to breakout of the channel and resume the down trend.
If this correction continues and took price up to the resistance at 82.38, that would be excellent. That would be an ideal location to take a short down to the supports located at 80.33 and 78.90. In case that does not happen, I would still be interested to take a short trade and look for an opportunity to pull the trigger.
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If this correction continues and took price up to the resistance at 82.38, that would be excellent. That would be an ideal location to take a short down to the supports located at 80.33 and 78.90. In case that does not happen, I would still be interested to take a short trade and look for an opportunity to pull the trigger.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
Note
Patience does pay. I waited and indeed the correction went all the way up to 82.38. My pending order got triggered on Thu and now nicely in profit.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.