This pair has reached my monthly resistance trendline! This is kind of a big deal because historically since May 2018, every time that this pair rejected the trendline, new yearly lower lows were made. The last daily candle closed very very bearish to confirm the rejection. I was anticipating a retrace to at least 1.1140 to open sell positions. It hit sell limits and now I expect to swing this position to weekly support at 1.0940.
Market PMI data is released during London session today. If the data comes out worse than expected, we can expect an expedited bearish move down. On the other hand, if it comes out good or even better than expected, it might do a wick fill and retrace to retest the monthly trendline. Our stop loss is set above the high of the last daily candle which is also above the trendline.
Sell entries and further sell limits are all above 1.1140. TP1 is set at 1.1080; TP2 is set at 1.1000; TP3 is set at 1.0940. Stop loss is set at 1.1205. This pair has the potential to make new monthly lower lows and break weekly support; in which case we expect it may go to 1.0850.
Market PMI data is released during London session today. If the data comes out worse than expected, we can expect an expedited bearish move down. On the other hand, if it comes out good or even better than expected, it might do a wick fill and retrace to retest the monthly trendline. Our stop loss is set above the high of the last daily candle which is also above the trendline.
Sell entries and further sell limits are all above 1.1140. TP1 is set at 1.1080; TP2 is set at 1.1000; TP3 is set at 1.0940. Stop loss is set at 1.1205. This pair has the potential to make new monthly lower lows and break weekly support; in which case we expect it may go to 1.0850.