UnknownUnicorn185710

UnknownUnicorn185710

Larger timeframe bias is bearish. We have a 60min CTL which if broken will bring in to play shorts back to the based if the daily range at 0.7570. MA cross and the lower highs forming are our first signs we could get a break now just watching closely.

UnknownUnicorn185710

We are awaiting a break of the range base before activating long term shorts. Providing this happens as expected we will first target the -27 fib extension at 0.7360 followed by the support level of 0.7210 which is the range height added on which aligns with historic levels of support and resistance.

UnknownUnicorn185710

Already in Short here with a Target of 1.0470 at the yearly lows. Target one already passed where profit was trimmed and stop is just passed break even. Overall bias is Bearish on the pair so focusing on the shorts. Perfect CTL break and retest gave the Entry signal. Nearly 1:3 risk reward, textbook trade. MA's Crossing gives us further confluence.

UnknownUnicorn185710

FURTHER DOWNSIDE EXPECTED WITH THE NEXT TARGET AT 1.4500, THEN 1.4390 AND THE FINAL LONG TERM TARGET OF 1.4280. NEW LOWS BEING FORMED WITH THE TARGET FALLING IN CONFLUENCE WITH HISTORIC DATA AND FIB EXTENSIONS.