The pair retraced almost to 50% of the previous 4h down move. At he moment it gives selling opportunity, but the correction can take another swing, so be careful.
For now, the nearest support area is at 0.7650
at the moment for a short set up:
Sell Limit order at 0.7675
Target1: 0.765
Target2: 0.761
Stop Loss: Above 0.77
I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy)
For now, the nearest support area is at 0.7650
at the moment for a short set up:
Sell Limit order at 0.7675
Target1: 0.765
Target2: 0.761
Stop Loss: Above 0.77
I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.