Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
After rejection from 0.8650 resistant level price went down and reached near 0.8500 round level. Building lower highs and lower lows in shorter timeframes could be an indication of more falls as Cable is pretty strong these days.
Rejection from 0.8650 can be found clearly in the chart above and this could be a double top pattern as well.
In the hourly chart we can see that there is a trendline in conjunction with 61.8 Fibonacci retracement of last huge bearish move in this pair. Adding 200sma to this area will make more strength to it. So after an hourly close below 0.8557 we can go short.
Also it could be a possible long position as well and I like to go long after an hourly close above 0.8580 which is the trendline and previous low.
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