Trading within a Bearish Channel formation.
Bespoke resistance is located at 1.3120.
There is scope for mild buying at the open but gains should be limited.
Preferred trade is to sell into rallies.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 13120, resulting in improved risk/reward.
We look to Sell...
On the daily time frame we have a possible 5-Elliot wave formation, with the 5th impulse on a 1.217 extension. Price is currently sitting around the monthly and weekly resistance level (1.200). We can possibly trade the correction wave to the downside on PA confirmation. We have multiple possible trade setups for different strategies and styles of trading. We have...