This trade is not ready just yet, but it should set up some time during the week.
The pair has been ranging since mid April but the preceding trend was clearly bearish. In such a scenario, a bearish continuation is the more likely trend. However, I would love to see price reach the top of the channel before that happens.
Taking a short at 1.8820 would not require any more analysis for me, the risk would be minimal while providing a large potential for gain.
If that does not happen and price continues to the down side, then a retest of 1.7644 from the down side would be ideal.
I can see this pair going down to 1.7000 but for now, I would look for 1.7360 and then review price action further.
If you like my analysis, please give it a "thumbs up" and follow me to receive immediate notifications.
As always, please use sound money and risk management for all your trades.
The pair has been ranging since mid April but the preceding trend was clearly bearish. In such a scenario, a bearish continuation is the more likely trend. However, I would love to see price reach the top of the channel before that happens.
Taking a short at 1.8820 would not require any more analysis for me, the risk would be minimal while providing a large potential for gain.
If that does not happen and price continues to the down side, then a retest of 1.7644 from the down side would be ideal.
I can see this pair going down to 1.7000 but for now, I would look for 1.7360 and then review price action further.
If you like my analysis, please give it a "thumbs up" and follow me to receive immediate notifications.
As always, please use sound money and risk management for all your trades.