Technical Observation:
This is a strong bear market with a key sell area at 109.17. Unless this retracement level is clearly broken with a big green candle, I will be hesistant to long this pair. Instead, I have placed a pending sell limit around 109.17 just in case the price retrace to this level. On the daily chart, the long term trend is bearish, thus, in case of a bounce from 109.17, then I’ll wait for a breach below the immediate trendline to confirm our previous short position towards 108.27.
Technical levels:
Resistance levels
R1: 109.33
R2: 109.63
R3: 110.47
Pivot Point
108.79
Support Levels
S1: 107.11
S2: 107.95
S3: 108.49
Trade Signal
Place a sell limit order at 109.17 with a target at 108.27
Origin: FreshForex
