We have identified a series of new lows, so predict that a further move to the downside is on the cards, with a re-test of the previous low set as our target. Using an ATR based stop above the previous high, we can retrace back to establish a minimum 1:1 entry. Look for a lower low lower close candle in the red zone as a signal for predicting the move lower.
Potential double bottom on the 1d chart. Price has retraced back to a level of previous support (looking left we can see multiple touches of this zone). Looking for a higher high higher close candle to confirm further move to the upside to test previous resistance.
On the daily chart we are in a confirmed downtrend (as denoted by the proper order EMA). We are looking for a lower low lower close candle in the red zone with targets set to a re-test of the previous low. An ATR based stop above the previous high has been used and a fib retracement back to the previous low allows us to target a 1:1 setup, as denoted by the green...
Looking at a bearish trend continuation on the 1HR timeframe. Using an ATR based stop position above the recent high and a fib retracement to map out a minimum 1:1 trade. Wait for a lower low lower close candle in the red zone for confirmation of entry and set targets at a re-test of the recent low at 71.50.
Looking at the higher time frames, there is certainly further downside potential for this pair. On the 1hr chart we're looking at a re-test of the previous low with our entry signal being a lower low lower close candle in the red zone.
A head and shoulders formation on the H4 and H1 charts has formed. Looking for a confirmation signal of a continued downtrend in the form of a lower low lower close candle in the red kill zone. Targets set at a re-test of the previous low and a fib retracement used to determine a minimum of 1:1 risk reward.