Entry Point: ~1.34708
Stop Loss Zone: ~1.35734 (roughly 100 pips above entry)
Target Points:
EA Target Point One: 1.31769
EA Final Target Point: 1.27735
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Technical Observations:
1. Price Action:
The price is consolidating below the 1.34708 resistance level.
Multiple failed attempts to break above suggest selling pressure around this zone.
2. Moving Averages:
Two MAs (possibly 50 EMA and 200 EMA) show a recent crossover, potentially indicating a shift in momentum.
3. Bearish Bias:
Based on the annotated targets, the trader anticipates a reversal from the current level.
A drop to 1.27735 represents a 5.09% move from the entry point.
4. Risk-Reward Ratio:
Risk (Entry to Stop Loss): ~100 pips
Reward (Entry to Final TP): ~700+ pips
Risk-reward is highly favorable (~1:7)
Confluence & Support Zones:
1.31769: Previously tested support/resistance level – a logical intermediate target
1.27735: Historical support zone from early March – final bearish target.
Summary:
This setup is a swing short trade with an attractive risk-reward profile.
Confirmation via bearish reversal candlesticks near 1.34708 would strengthen the case.
Watch out for news catalysts or USD data that might impact volatility and invalidate the setup.
Stop Loss Zone: ~1.35734 (roughly 100 pips above entry)
Target Points:
EA Target Point One: 1.31769
EA Final Target Point: 1.27735
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Technical Observations:
1. Price Action:
The price is consolidating below the 1.34708 resistance level.
Multiple failed attempts to break above suggest selling pressure around this zone.
2. Moving Averages:
Two MAs (possibly 50 EMA and 200 EMA) show a recent crossover, potentially indicating a shift in momentum.
3. Bearish Bias:
Based on the annotated targets, the trader anticipates a reversal from the current level.
A drop to 1.27735 represents a 5.09% move from the entry point.
4. Risk-Reward Ratio:
Risk (Entry to Stop Loss): ~100 pips
Reward (Entry to Final TP): ~700+ pips
Risk-reward is highly favorable (~1:7)
Confluence & Support Zones:
1.31769: Previously tested support/resistance level – a logical intermediate target
1.27735: Historical support zone from early March – final bearish target.
Summary:
This setup is a swing short trade with an attractive risk-reward profile.
Confirmation via bearish reversal candlesticks near 1.34708 would strengthen the case.
Watch out for news catalysts or USD data that might impact volatility and invalidate the setup.
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.
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.