After breaking under the support area the pair has rallied to an important area of resistance from where the price has retraced several times in the past and has formed a big bearish candlestick. I am expecting it to retrace all the way to the support area where the price has bounced from several times in the past
- The pair will continue lower to our target giving us some really nice profits (as it should do!)
- The pair will consolidate near the top and break the resistance.
My plan remains the same, if the price breaks and closes above resistance I will be exiting the trade for a loss.