Price has formed a double top on the Daily chart.
Chart below:
Price has also made a Lower Low and broken down below the longer term averages.
Price has now pulled back to the 61.8% Fibonacci Level.
Chart below:
Price has been consolidating in a small range for much of the past 12 hours. This has given a clear support area at 94.40.
Should price breach this and make a Lower Low I will enter a short position on the break of the consolidation low at 94.35.
Chart below:
My provisional levels are.
1st Entry: 94.35
2nd Entry 94.35
Averaged Entry: 94.35
Stop Loss: 94.85
Target: 91.85 (5%)
If price breaks back up, this trade will be void and I will wait for the next set up.
I will update again should the trade be triggered.
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