This pair had a strongly bearish week that ended with a break & close below the s/r area around 75.64.
Looking at the H4 chart, I think we may have a bearish trend in the making – it started around the 78.00 region. Initially it was strongly impulsive but that changed a bit as price neared the 75.640 support with some pullbacks appearing. We are currently in a small consolidation but I don’t see a reason to change my bearish bias. Depending on PA on Monday, I would be open to taking a short trade at the top of this consolidation, OR at/near 75.640 (that would be a bonus) OR on a break below the bottom of this correction.
Stop would be above the s/r level of 75.64, while targets can be just above 73.68 (+2.45R) or if the impulsive PA continues, even just above the next support at 72.88.
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Looking at the H4 chart, I think we may have a bearish trend in the making – it started around the 78.00 region. Initially it was strongly impulsive but that changed a bit as price neared the 75.640 support with some pullbacks appearing. We are currently in a small consolidation but I don’t see a reason to change my bearish bias. Depending on PA on Monday, I would be open to taking a short trade at the top of this consolidation, OR at/near 75.640 (that would be a bonus) OR on a break below the bottom of this correction.
Stop would be above the s/r level of 75.64, while targets can be just above 73.68 (+2.45R) or if the impulsive PA continues, even just above the next support at 72.88.
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.
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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.