Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Price sharply bounced off the daily trendline I mentioned in twitter and decreased around 250pips in a day. Here I want to write about a possible short setup in this pair.
You can see that cruel bearish candle which has engulfed previous 5 bars and now this slow bullish move could be a correction of that candle. So let’s zoom into the H4 chart in order to find a good entry:
As you can see there is a pennant formation in the H4 chart and also higher highs and lows are indicating that we are in a short-term bullish trend. So the best place to go short would be a break of beneath trendline and also previous low at 112.19. Look for 111.50 as the first target and then 110.40 for the second target.
A break of the upper trendline will make this setup invalid and we should wait watch price action for another setup.
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