Trade Type: Counter Trend
Price: CMP (109.40) / Hourly Close below 107.95
Tgt 1: 106.63 (38.2%)
Tgt 2: 105.57 (50%)
The pair has shown divergence in RSI and a double top has formed around 110 (big round number). Both suggest rejection. Hence, the best strategy will be to short the pair now, for above mentioned targets. Safe traders can short on break of 107.95 (23.6%) for targets @ 105.57 but in that case the risk/reward ratio will be around 1
Price: CMP (109.40) / Hourly Close below 107.95
Tgt 1: 106.63 (38.2%)
Tgt 2: 105.57 (50%)
The pair has shown divergence in RSI and a double top has formed around 110 (big round number). Both suggest rejection. Hence, the best strategy will be to short the pair now, for above mentioned targets. Safe traders can short on break of 107.95 (23.6%) for targets @ 105.57 but in that case the risk/reward ratio will be around 1