This currency pair is in a long term down trend.
Chart below:
There is a clear resistance level in the form of a double top at 1.3300
Chart below
Price has broken down through the previous support at 1.3150
price has now retraced to the 50% Fibonacci Level of this move down.
I am looking for a short entry.
Chart below
There is a small channel developing on the lower time frames.
Should this level be breached, I will look for a small pull back and enter a short position.
Levels and Chart below:
1st Entry: 1.3085
2nd Entry:1.3095
Averaged Entry: 1.3090
Stop Loss: 1.3130
Target: 1.2890
I will update again should the trade be triggered.
Regards
Mad Dog
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