Observing the 4 HOURS charts on this pair it seems the price is confined in a long term channel which also reflects on the daily charts. A break of channel both on the daily and 4 hour charts would confirm a possible move to the downside targeting the crucial support of 107.800 level!
To add to the list of the confluence factors on the daily time frame the RSI is forming a bearish divergence indicating the bulls are running out of steam.
The weekly chart image shows the price confined in a long term triangle, which might act as a possible route to where the price is headed.
If the criteria are met i will update any signals related to this pair here.
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Note
DAILY CANDLE HAS BROKEN THE TREND LINE AND I WILL WAIT FOR THE CLOSE OF THE CANDLE AND RETEST ON 4 HOUR CHARTS.Trade active
TRADE TYPE: INSTANT ENTRY AT AROUND 111.555 LEVELTP: 108.800
SL: 112.700
RISK TO REWARD: 1:2.39
Stay tuned for any updates.
Note
ADJUST SL TO 112.400Trade closed: stop reached
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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.
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.