This currency pair is in a longer term down trend.
With recent USD weakness price has been able to pull back to the 61.8% Fibonacci level. at 1.2440
Chart below:
This has allowed for short entry's to be considered.
Price is below the Central Daily Pivot Point and below the mid term averages.
A level has been identified on the short term charts that if broken, would offer a good short trade with good risk reward.
There is a medium term trend line below that could offer some support to this market, however if and when price reaches it I will have moved the stop loss to eliminate the risk.
I am looking for an entry as shown below.
Entry 1.2315
Stop loss: 1.2345
Target: 1.2165
If price breaks up and makes a new high before my trade is triggered, I will wait for the next set up short with the trend.
Chart below:
Regards
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