Trade Idea: This pair is in an overall downtrend, so my bias is favouring sells than buys. I'm looking for a break of the yellow trend line (Conservative Entry) and/or a retest of the orange RSI trendline (Aggressive Entry) to enter a sell towards the projected TPs.
Technical Analysis: * This pair has break the short-term support now resistance zone, and its now retesting the S/R zone. * Price has a slight bounce from the 200EMA and EMA14/21 is acting as resistance. * A bearish rejection candle confirming my bias and rejecting from the short term S/R zone. * RSI 14 (hlc3) has broken the upward trend line and is retesting that trend line, the RSI 14 is also below 50, indicating that sellers are gradually taking over for this pair.
*Please note that any trades you decided to take are of your own risk. All trade ideas published here are for informational purposes only and are my personal trades.
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As a result, price didn't manage to break the yellow trendline and has protected us from entering a losing trade, so overall a good and comprehensive trade setup that gave us a very clear trade plan before entering the trade. Lesson here: always do your analysis right and feel confident about it.
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As a result, price didn't manage to break the yellow trendline and has protected us from entering a losing trade, so overall a good and comprehensive trade setup that gave us a very clear trade plan before entering the trade. Lesson here: always do your analysis right and feel confident about it.