Price has entered a previous support level at around 115.40. The price did break above the 200 EMA however, after reaching the previous support level, this pair has struggled to produce bullish momentum and is consolidating.
I will be looking to see if the price will turn bearish here, given that there has been a lack of bullish momentum and price has been consolidating.
Before I take a short position I will wait until the price has broken below the 200 EMA in case the price finds some support at this level and finds some bullish momentum.
My target for this short would be around the trend line at 114.65.
I will be looking to see if the price will turn bearish here, given that there has been a lack of bullish momentum and price has been consolidating.
Before I take a short position I will wait until the price has broken below the 200 EMA in case the price finds some support at this level and finds some bullish momentum.
My target for this short would be around the trend line at 114.65.