The price has been forming a rising channel, which has broken out, a major indication of a strong bearish momentum.
I anticipate that the price will pull back and touch the 0.268 Fib area / at the lower trendline of the channel. My entry position is 1.6825 (after the price has retested the zone) and my stop loss is at 1.691.
My target for this trade is 1.657, a R:R of 1:3.
I anticipate that the price will pull back and touch the 0.268 Fib area / at the lower trendline of the channel. My entry position is 1.6825 (after the price has retested the zone) and my stop loss is at 1.691.
My target for this trade is 1.657, a R:R of 1:3.