Price is in a strong downtrend but is a little over extended and is at a key point in structure on the Daily timeframe.
Trade Scenario 1: Bullish - For us to go long we need to see price break above our key weekly level of .8922. We will then wait for a retrace and for our weekly to act as support. Enter on strong bullish setups off the weekly.
Trade Scenario 2: Bearish - For us to go short we want to see price reject off the weekly level. We will then look to enter on strong bearish setups. Keeping stops tight as we are in a high value area which could cause some consolidation.
Trade Scenario 1: Bullish - For us to go long we need to see price break above our key weekly level of .8922. We will then wait for a retrace and for our weekly to act as support. Enter on strong bullish setups off the weekly.
Trade Scenario 2: Bearish - For us to go short we want to see price reject off the weekly level. We will then look to enter on strong bearish setups. Keeping stops tight as we are in a high value area which could cause some consolidation.