Set up: Confluence of a daily high zone with H4 50% Fibonacci level signalling possible reversal as the RSI levels are in the overbought areas.A series of news releases on the 17th and the 18th may bring volatility to the pair and push the prices down.
Trade: Entry potential at convulsion of the D1 resistance area (green dash line), keltner median channel line and the 50% fib level with SL at a few pips above last week high. Short term TP is set at lower channel area (~1.916 area) and long term TP is set at D1 support (1.906 area)
Trade: Entry potential at convulsion of the D1 resistance area (green dash line), keltner median channel line and the 50% fib level with SL at a few pips above last week high. Short term TP is set at lower channel area (~1.916 area) and long term TP is set at D1 support (1.906 area)
Trade closed: stop reached
Comment:
Price broke above the downtrend line and moved adversely against the set up.