If you were to look at the daily time frame, price formed a double top and has rejected off the daily trend line and printed a very bearish candle that have filled the entire body of the previous daily candle. On the 4 hour chart, price had been trending up, however volume has been decreasing. So here on the 1 hour chart, a retest of 1.29100 - 1.29300 price zone will be an ideal area to short this pair to 1.28250 - 1.28000 price area, netting approximately 90+ pips.
Note
Daily TFNote
If the Daily candle closes below 1.28900, it is very likely to go back down to 1.28400 and possibly breaching it down to 1.28000 where our main target is at. Lets see what price action is telling us. 1.28400 is also a good area as well.Note
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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.