an in-symmetrical 3 drives pattern has formed from the previous rally , and from here we can see the second major support at 1.28135 broken from yesterday's session, reaching below the 1.28 handle and confirming a trend reversal from highs of 1.32. i'm currently looking for a retracement back to the 1.28484 - 1.29183 area for a long-term short position towards 1.2636 - 1.259 area.
RSI shows bearish bias below it's neutrality level, and close to being oversold and therefore needs a minor correction for it to continue it's downwards movement. Things to take note of today is the anticipated UK GDP data coming out at 4.30am EST, i do have a feeling that it might be positive data for a correction upwards to continue it's strong downtrend. but however if it breaks above 1.292 then expect to see further upside , i will be placing a 'One Cancel Other' Buy order at 1.292 instead of a stop loss in case of a higher retracement targeting back into the 1.30 levels.
RSI shows bearish bias below it's neutrality level, and close to being oversold and therefore needs a minor correction for it to continue it's downwards movement. Things to take note of today is the anticipated UK GDP data coming out at 4.30am EST, i do have a feeling that it might be positive data for a correction upwards to continue it's strong downtrend. but however if it breaks above 1.292 then expect to see further upside , i will be placing a 'One Cancel Other' Buy order at 1.292 instead of a stop loss in case of a higher retracement targeting back into the 1.30 levels.
Trade closed: stop reached