Nice long uptrend we've had on this pair. Now momentum is shifting and it's
most likely going to reverse and make a move to the downside. Before it does
however a few nice trades might be taken while it's in this RANGE.
We have 2 upper touches and 2 lower touches creating a well defined
and valid channel. I'll be looking to go short this week if price makes it
back up to the upper resistance line. Stop loss goes 25 to 35 pips past
the upper resistance line around 124.05 level. This will give price a bit
of room to breath and allow for a 6 to 1 Risk to Reward ratio if trade
succeeds.
Good Trading!
Dale
most likely going to reverse and make a move to the downside. Before it does
however a few nice trades might be taken while it's in this RANGE.
We have 2 upper touches and 2 lower touches creating a well defined
and valid channel. I'll be looking to go short this week if price makes it
back up to the upper resistance line. Stop loss goes 25 to 35 pips past
the upper resistance line around 124.05 level. This will give price a bit
of room to breath and allow for a 6 to 1 Risk to Reward ratio if trade
succeeds.
Good Trading!
Dale