This pair is in a longer term uptrend, however it has continually put in lower highs and lower lows on a 60 minute time frame, from 30/04/2012.
Chart below.
Monday afternoon price pulled back to the Weekly Pivot Point and is now in a small channel supported by the daily pivot point. (1.6085)
If prices breaks to the down side I will look to enter short.
I am aware there is support below on the longer term charts at 1.6050 and 1.6010, however I will move the stop to break even if and when price approaches these levels to eliminate the risk.
Levels and chart below.
Entry: 1.6080
Stop: 1.6110
Target: 1.5930
If the break does not materialise and price moves up, I will wait for a higher high and a pull back before attempting any longs.
Have a good morning and I will update as the trade develops
Regards
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