The pair is in a downtrend, Friday’s candle was large (moved 70 pips) and broke below the support zone at 0.6170 with some serious momentum. Price is also well below the 200dma and I am looking for a retracement and indication of a bearish continuation.
The obvious target would be in the 0.5960 region. If this works out as I expect, we are looking at a + 2R trade.
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The obvious target would be in the 0.5960 region. If this works out as I expect, we are looking at a + 2R trade.
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
Moving slower than I expected, but it is in the right direction :)I am staying with it for now but stop has been moved to break even. So a no risk trade for me.
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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.