We are aproaching the 1.11600-1.11825 resistance zone and we might be touching the descending channel for the third time, so 2 different scenarios are on the table:
For longs:
-Wait for a clear breakout of the channel and a re-test of the resistance zone.
For shorts:
-We have rejected the 200 MA on the daily chart;
-Wait for 1D red candle close below the 200 MA and look for an entry on the lower time frames;
-Use stop-loss above the resistance zone.
This is not financial advice.
For longs:
-Wait for a clear breakout of the channel and a re-test of the resistance zone.
For shorts:
-We have rejected the 200 MA on the daily chart;
-Wait for 1D red candle close below the 200 MA and look for an entry on the lower time frames;
-Use stop-loss above the resistance zone.
This is not financial advice.
We broke the descending channel and the resistance zone. Wait for a re-test to buy