The pair finally has broken down the lower boundary of the consolidation and is trading below it. The move was sharp and supported by large volume, which is a good bearish signal, but we should note that volume was concentrated at the bottom of the fall and the new support level was created. It is 111.73 - 111.86. So we can open short positions after a sure breakdown of this level on increased volume. A stop loss should be placed above the breakout volume bar. A potential of the fall is more than 100 points.
The bottom line: short positions after a breakdown of the support
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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.