After a very strong bull run the pair entered overbought territory and we see a bit of a spinning top, that is usually a bearish signal. The pair also broke yesterday under some quite strong support and it has been retested today already. It has a lot of run to run and not much resistance on the way down.
This is how I am playing it:
We can see the clear break of support and the retest on the 4H chart. I am waiting for the price to break that thick black line to enter the trade.
Pretty simple setup but remember that it can reverse anytime so make sure you use a Stop Loss!
This is how I am playing it:
Pretty simple setup but remember that it can reverse anytime so make sure you use a Stop Loss!
