This pair is in a medium term down trend.
Chart below:
Price has pulled back to the 38.2% Fibonacci level and has been unable to break through the resistance level at 1.2400
The averages have crossed to the down side and price has broken through the Weekly Central Pivot point.
I am looking for a short entry as detailed below
Levels and Chart below
1st Entry: 1.2380
2nd Entry: 1.2385
Averaged Entry: 1.23825
Stop Loss: 1.2410
1st Target: 1.2244 (5%)
2nd Target: 1.2175
I will update again should the trade be triggered.
Regards
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