Well this pair has been added to my watch list for "potential upcoming trades". The reasoning being that price has been initially rejected at the top of the channel (resistance). Also, on a W1 chart it is also the .50 Fibonacci retracement (resistance), and near the psychological 2.10 round number (resistance). A more aggressive short entry would be on a retest of the highs at the 2.08 area (of course the smart thing to do would be to wait for some bearish price action confirming the entry). A more conservative entry would be on a break and retest of the current trend line.
As always do remember this is just simply on my watch list for "potential upcoming trades", and that price can simply ignore the analysis and blow right past the 2.10 area and make new highs. Anyhow, this is my idea, cheers! =)
This is the W1 chart i was referencing in the first paragraph. Notice the .50 retracement as potential resistance. =)
As always do remember this is just simply on my watch list for "potential upcoming trades", and that price can simply ignore the analysis and blow right past the 2.10 area and make new highs. Anyhow, this is my idea, cheers! =)