Intraday Short
MN-W1 price above ema-20/50/200. D1 price is above ema-200, price appears to be consolidating on as ema-20/50 are intertwining with consolidating falling wedge pattern. Price has bounced back several times from the high of 24-03-20, each time before reaching its price target a correction appears suggested by price trending above H4-ema-20/50.
D1-MACD bearish with increase in divergence. H4-MACD bearish with increase in divergence. H1-MACD bullish with increase in divergence, however price is still below ema-20/50/200. This could suggest possible oversold condition on -H1 meaning a correction is due on the shorter timeframe before resuming bearish trends. From the bearish trend starting 05-06-20 price has constantly respected the 5m-ema-20 breaching it and testing 5m-ema-50, however, recently price has now gone as far as testing the 5m-ema-200 and reversing with the equal support from the macd which was not the case previously.
1) SELL -H1: Market Execution
Stop Loss: 1.5160
Take Profit: 1.5060
2) If price is still in its correction stage, wait for price to move above 1.5190 which 15m-ema-200 which may be prices next target.
SELL -H1: Sell Stop: 1.5190
Stop Loss: H1-ATR above entry
Take Profit: 1.5060
D1-MACD bearish with increase in divergence. H4-MACD bearish with increase in divergence. H1-MACD bullish with increase in divergence, however price is still below ema-20/50/200. This could suggest possible oversold condition on -H1 meaning a correction is due on the shorter timeframe before resuming bearish trends. From the bearish trend starting 05-06-20 price has constantly respected the 5m-ema-20 breaching it and testing 5m-ema-50, however, recently price has now gone as far as testing the 5m-ema-200 and reversing with the equal support from the macd which was not the case previously.
1) SELL -H1: Market Execution
Stop Loss: 1.5160
Take Profit: 1.5060
2) If price is still in its correction stage, wait for price to move above 1.5190 which 15m-ema-200 which may be prices next target.
SELL -H1: Sell Stop: 1.5190
Stop Loss: H1-ATR above entry
Take Profit: 1.5060
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