The weekly and Daily closes on this pair look wonderful for further continuations to the downside. The rejection we have seen from the key level at 69.40 is encouraging and with Thursday’s and Friday’s closes there are a few positive signs that this retracement back to this major area is now complete and a return to the lows at 66.80 are now on the horizon. When we start to look for potential entry areas we have an opportunity to enter at 68.70 this comes from the 4H timeframe. This level has acted as both support and resistance
previously and therefore gives us our closest area for a short entry, we cannot however rule out the potential for a retest of 69.40 and therefore we should be wary of this and the chance to enter short positions from this area. With a target at 66.80 we have plenty of potential on this set up and it may take a few days if not all week to come to fruition so will require some trade management in order to gain the most out of this.