This pair has been in a mid term down trend.
Chart below:
As you can see price has pulled back to the 50% Fibonacci level where it has found a resistance level at 1.0475
Price has broken down this morning and I am looking to enter short ofter a small pull back to the averages.
Levels and Chart below:
1st Entry: 1.0445
2nd Entry: 1.0450
Averaged entry: 1.0447
Stop Loss: 1.0470
Target: 1.0332 (5%)
I will update again if and when the trade is triggered.
Regards
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