LOOKING AT THIS AND I WILL BE:
-WAITING FOR THE PULL BACK ON THE TREND LINE
-LOOK FOR SHORTING POSITIONS AROUND THE 61.8 FIB ZONE
-USING THE MACD FOR DIVERGENCE UPON ENTRY
-SET TP TO PREVIOUS SESSION LOW
-SET SL ON PREVIOUS CEILING ZONE
OVERALL I BELIEVE THIS PAIR WILL BREAKOUT ON THE UPSIDE BUT THERE IS GOOD SELLING MOMENTUM LEFT.
The Forex market never ceases to amaze me. Price floats like a butterfly but stings like a bee if one doesn't apply an edge with a solid risk management method.
The chart speaks for itself...
I am short bias, although a break and test to the upside of 1.1000 will present a long opportunity. You have to be quick like the jaguar in order to reap the rewards of...