This pair is in a long term down trend.
Chart below:
Price is trapped in a negative trend channel.
Price has recently retraced back to the daily 20 ema.
Chart below:
Price has now broken back through the averages. I am looking to enter short a short position when price pulls back to the averages, and the stochastic is in an over bought zone.
Levels and Chart below:
1st Entry: 1.2575
2nd Entry: 1.2590
Averaged entry: 1.2582.5
Stop loss: 1.2620
Target: 1.2395
I will update again if and when we are triggered into the trade.
Regards
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