Pair is now touching the upper multi year channel which started in late 2014. This will be it's sixth touch in 2 years. Every other occasion has lead to massive downside.
That said, I do feel as though this channel may break soon, perhaps rebounding off 78.46 and retesting the upper channel. That remains to be seen.
For now, I'm shorting, with a target of 77.00
Long term trend
That said, I do feel as though this channel may break soon, perhaps rebounding off 78.46 and retesting the upper channel. That remains to be seen.
For now, I'm shorting, with a target of 77.00
Long term trend
Trade closed manually
Closed at EOW
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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.