We can currently see this pair retracing thus gaining momentum and also creating bearish divergence for a potential bearish continuation. We can see the same setup on USDCHF. The grey line has been marked at 50% fib level of that bearish move. Should price move to the red line which is our SL, this would invalidate our trade idea. Our tp is marked at 100% of the retracement.
Grey line- entry
Red line - Stop loss
Green line - Take profit
Risk exposure - 1%
Risk to reward 1:2
Grey line- entry
Red line - Stop loss
Green line - Take profit
Risk exposure - 1%
Risk to reward 1:2
