Looking short on this pair, we had a week USD previous week, all geo political reasons. However, we have price rejecting at the H4 61.8% in line with the daily + Weekly Bearish Trendline. Our downside targets of 0.73450 (Target 1) then possibly 0.7200 (Target 2) (BEARISH ABCD FORMATION + POSSIBLE DAILY COMPLETION OF 5th IMPULSE WAVE) . Once each target is met further analysis and trade management must be conducted. If price breaks above and closes above the bearish trendline with the demonstration of strong bullish PA then the trend is changed to the potential upside target of 0.7600 and higher. If this does happen we will wait for the breakout and retest with bullish PA to confirm the long setup. However, as we are looking short on this pair we can enter a short setup below current price with our stops around 0.75200 and downside targets being 0.73450 and 0.7200 with a minimum risk to reward ratio of 1:5. The safer trade setup will be on the break below + Retest of TL + Bearish PA confirmation on the mini bullish H4 trendline. A 3rd tradesetup can be a break below target 1 with a retest of 0.73450 and PA confirmation will trigger further shorts.
This is only an outlook. Trades will be adjusted accordingly.
***TRADE AT OWN RISK***
This is only an outlook. Trades will be adjusted accordingly.
***TRADE AT OWN RISK***