Top Down Analysis:
Monthly:
The pair is stuck in a range since 2015;
Key Resistance comes in at 0.775;
Key Support comes in at 0.7225;
Weekly:
Range;
Key Resistance comes in at 0.78750;
Key Support comes in at 0.71600;
Daily:
Price is overextended to the upside;
May find Resistance on 0.775 level;
Found Resistance at 0.7725 which is 161.8 Fibonacci Extension of the trend;
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Given all of the above:
Moving down to the H4 time frame for execution, we have:
- Strong break of Pennant pattern;
- Break of important Support level at 83.05
Entry Trigger:
Pennant break with bearish momentum;
Stop Loss:
At Trigger Candle's High;
Target Profit:
Previous Low at 81.9;
Trade Management:
Set and Forget;
Monthly:
The pair is stuck in a range since 2015;
Key Resistance comes in at 0.775;
Key Support comes in at 0.7225;
Weekly:
Range;
Key Resistance comes in at 0.78750;
Key Support comes in at 0.71600;
Daily:
Price is overextended to the upside;
May find Resistance on 0.775 level;
Found Resistance at 0.7725 which is 161.8 Fibonacci Extension of the trend;
________________________________________________________________________________
Given all of the above:
Moving down to the H4 time frame for execution, we have:
- Strong break of Pennant pattern;
- Break of important Support level at 83.05
Entry Trigger:
Pennant break with bearish momentum;
Stop Loss:
At Trigger Candle's High;
Target Profit:
Previous Low at 81.9;
Trade Management:
Set and Forget;
Trade closed: target reached:
+1.95R