This pair is in a long term down trend.
Price has pulled back towards the 50% Fibonacci level.
This will allow a short position to be considered when price decides to break back down.
Chart below:
Although EU remains supported in the short term, the GDP figures released this morning, have pushed price back down through the averages and pivot points.
I am looking for a short entry as detailed below.
Levels and chart below:
1st Entry: 1.3400
2nd entry: 1.3420
Averaged entry: 1.3410
Stop Loss: 1.3450
1st Target: 1.3210 (5%)
2nd Target: 1.3000 (10.25% previous low and Fibonacci extension level)
I will update again should the trade be triggered.
Regards
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