After days of building up the a short trend finally appeared breaking through the support line. This will continue.
Looking At Selling limit;
Entry: 1.99370
Target: 1.9787 (150 pips)
Stop: 1.9987 (-50 pips)
The stop should be 2% at most.
The Pair has been working the current high looking to go low but has respected a demand zone at 1.28867. I suspect that the Pair will push through the demand zone to reach a stronger support line at 1.28360.
Looking to Sell:
Entry: 1.29471
Target: 1.28360 (60 pips)
Stop: 1.29771 (30 pips)
All explained in the chart. Most likely a downside. The SL should be above the Pivot point. The degree of likeness depends on supporting news and sellers causing a break through the demand zone.
Alternatively: An upside prevails above the pivot point. Or the pair shows no significant volatility.
An upside to go beyond the pivot point was rejected, which has seen sellers push it below the CPR. The narrow CPR is a signal to watch for a trend and if this is respected a trend is possible especially if the demand point at 140.280 is broken. If you choose to sell put the SL 141.00.
Alternative, if the pair experiences a support and goes beyond the pivot point...
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