A trade I have been stalking for some time. After breaking out of a previous area of consolidation, price has retraced back into this area. I will be looking for shorting opportunities intraday, with a view to a swing trade targeting the 1.230 region.
- RSI overbought
- ADX approaching extremes
- 61.8% Fib of dominant downswing has confluence with the congestion zone
- 127.1% Fib extension of the current swing is within the congestion zone