Descending Channel
-As I mention before if this pair choose to head north 1.18700 is a good level to luck your profit and now Looks like the major psychological mark is still too hot for the bulls to handle! The pair is having trouble breaking above the level, which isn’t surprising cause if you connect that most recent peaks and troughs, we can see that a fresh descending channel has formed on 4-hour time frame and now the price tasting a resistance line of it ,also if you pop up your fibonacci retracement you'll notice the 61.8% is right smack on 1.18700 level.
-With RSI hanging around the oversold area, we need the price to get back up to retest the resistance line of the falling channel in order to give us a chance to get involve.
-Shorting at current levels could get you a pip or two (or 150) especially if you aim for 1.1700 range support.
-Always make sure you make good risk management decisions when you execute your trades!
good luck brothas
-With RSI hanging around the oversold area, we need the price to get back up to retest the resistance line of the falling channel in order to give us a chance to get involve.
-Shorting at current levels could get you a pip or two (or 150) especially if you aim for 1.1700 range support.
-Always make sure you make good risk management decisions when you execute your trades!
good luck brothas
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