A break below 1.0520 is a good short opportunity with almost 2:1 risk reward ratio.
SL @ 1.0715
Sell stop @ 1.0520
TP1 @ 1.0352
TP2 @ 1.0143
Although we have not hit the SL yet, it is high likely to be hit as the Friday’s daily candle has formed a bullish engulfing candle located at the bottom of the chart. This indicates a strong battle between the bulls and the bears where the bulls win at the of the trading day. With this shift of momentum, we expect the market will retest the recent high 1.0784.
With that said, if we have an active bearish trade, it is recommended to close it.