Long term trend: Down
Medium term trend: Down
Significant levels: 1.3000 (Significant Round Number), 1.2660 (Horizontal Resistance), 1.2500 (Horizontal Support)
As previously mentioned, this currency pair has many rooms to decline further. As what the chart indicates, the market is ready to decline anytime now. The current price is at the Support line. We could treat this as the Resistance now because the price is below it. Yesterday's candle was a Bearish one that almost engulfed its previous bar. This bearish action would be nice to trade.
Place the Sell Limit order at the support-turned-resistance line and the Stop Loss above the yesterday's bar. This could be held for a long term trade or could be traded as a medium term trade.
Trade well.
Medium term trend: Down
Significant levels: 1.3000 (Significant Round Number), 1.2660 (Horizontal Resistance), 1.2500 (Horizontal Support)
As previously mentioned, this currency pair has many rooms to decline further. As what the chart indicates, the market is ready to decline anytime now. The current price is at the Support line. We could treat this as the Resistance now because the price is below it. Yesterday's candle was a Bearish one that almost engulfed its previous bar. This bearish action would be nice to trade.
Place the Sell Limit order at the support-turned-resistance line and the Stop Loss above the yesterday's bar. This could be held for a long term trade or could be traded as a medium term trade.
Trade well.