Hi Traders!
In the beginning, the market was down around the level 1.30600 and was in consolidation there.
Then it broke out and moved higher until resistance.
Now the market is at a strong daily resistance which is hard to break.
This time would be the third time that the market bounces back from that Resistance level.
That means that the market has more chances of pulling back instead of breaking out of the level.
We recommend to sell towards the support at 1.31800 with a risk-to-reward ratio of 1 to 2.
Thanks and good luck :)!
In the beginning, the market was down around the level 1.30600 and was in consolidation there.
Then it broke out and moved higher until resistance.
Now the market is at a strong daily resistance which is hard to break.
This time would be the third time that the market bounces back from that Resistance level.
That means that the market has more chances of pulling back instead of breaking out of the level.
We recommend to sell towards the support at 1.31800 with a risk-to-reward ratio of 1 to 2.
Thanks and good luck :)!