This pair has been in a down trend. Price has retraced to 1.0217 50% Fibonacci level of the last move down and previous support now resistance. The swing is move is from a high of 1.0855 to a low of 0.9580.
Chart below:
The USD has strengthen again and the down trend looks to be resuming. Price has broken through the averages and I am looking to enter a short position oafter a pullback.
Levels and chart below:
Entry:1.0125
Stop: 1.0155
Target: 0.9975 (5%)
Should these levels change I will update again.
Have a great evening.
Regards
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