The price has entered the Lower High zone of the 1D Channe Down (RSI = 52.750, MACD = -0.002, Highs/Lows = 0.0004) and according to the inner/ outer sell trend lines, two short entries stand out: 1.13500, 1.13850. Based on the long term trend of this channel, the price should now reverse towards a new Lower Low below 1.12000. It is best however to structure a safer approach ahead of this weeks events (Fed Interest Rate, new Brexit vote) and split the positions into two targets: TP1 = 1.12905, TP2 = 1.12000.
See below our previous studies successfully calling the Highs and Lows on this 1D Channel Down:
Also made this trade. The little peak was from brexit news I guess, other than that pretty spot on as always.
VaidoVeek
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Hey!
This 1.14000 level should act as a pretty strong resistance level. There are some other bearish price action criteria which make this area even stronger, so definitely a good area to observe:
All the best!
InvestingScope
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@VaidoVeek, Thanks for sharing Vaido. All the best to you too.
Namah-Te
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InvestingScope
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@Namah-Te, See how easily it can be negated? Using the higher time frame is more useful especially ahead of volatility on events such as FOMC, UK vote etc.
fract
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InvestingScope
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@fract, Good use of the fibonacci c. Thanks for sharing.