I pointed out this 4-hour channel (below) inside the member’s area last week. At the time the pair was trading at 1.1645 and had not yet broken below channel support.
Friday’s 4-hour candle that closed at 1 pm EST sealed the deal. The 1.1604 close put the pair well below channel support on a 4-hour closing basis.
I would suspect that any retest of the 1.1630/40 area as new resistance will attract an influx of sellers. The next comes in at 1.1490, which is one we’ve had our eye on for quite some time.
The 4-hour chart above is just one idea for those searching for an entry. I remain short from just below 1.1875 and have added to that position. I’ll continue to trade this one from the daily time frame.
See link above for all five currency pairs.