We have a bearish channel on daily chart which serves as an intermediate resistance while outer trendline + Fibbo 23.6% and support turned resistance are make a wonderful confluence. And above all, it's psychological barrier being 1.2995. So this zone provides us high reward and low risk short trade opportunity. However, trade with caution as high volume and some unforeseen factors my give a straight breakout but probability of that occurrence is very very low.
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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.